Audited Annual Financial Statements For the year ended December 31, 2020

Tangerine® Balanced Portfolio Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Independent Auditor’s Report

To the Unitholders and Trustee of Tangerine Balanced Portfolio (the Fund)

Our opinion In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Fund as at December 31, 2020 and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS).

What we have audited The Fund’s financial statements comprise: • the statement of financial position as at December 31, 2020; • the statement of comprehensive income for the year then ended; • the statement of changes in net assets attributable to holders of redeemable units for the year then ended; • the statement of cash flows for the year then ended; and • the notes to the financial statements, which include significant accounting policies and other explanatory information.

Basis for opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence We are independent of the Fund in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada. We have fulfilled our other ethical responsibilities in accordance with these requirements.

Other matter The financial statements of the Fund for the year ended December 31, 2019 were audited by another auditor who expressed an unmodified opinion on those statements on April 14, 2020.

Other information Management is responsible for the other information. The other information comprises the Management Report of Fund Performance. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

2 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Responsibilities of management and those charged with governance for the financial statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Fund’s financial reporting process.

Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Fund to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Chartered Professional Accountants Licensed Public Accountants

Toronto, Ontario March 24, 2021

3 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Statements of Financial Position Statements of Comprehensive Income As at For the years ended

December 31, December 31, December 31, December 31,

2020 2019 2020 2019

Assets Income Current Assets Dividends (Note 3j) $ 23,856,006 $ 25,733,219

Investments (Notes 3c and 5) $ 1,547,917,528 $ 1,452,636,996 Interest for distribution purposes (Note 3j) 16,443,694 15,463,756

Cash (Note 3m) 440,261 1,212,037 Net realized gain on investments 37,492,790 2,181,087 Subscriptions receivable 3,734,843 3,092,664 Net realized gain from trust units/ underlying funds 3,171 ­— Receivable for securities sold 430,137 2,035 Change in unrealized appreciation on Accrued investment income 4,996,124 4,825,414 investments 61,344,169 153,542,114 Total assets 1,557,518,893 1,461,769,146 Net gain on financial assets and liabilities at fair value through profit or loss 139,139,830 196,920,176 Liabilities Net realized gain (loss) on foreign exchange 40,596 (61,426) Current Liabilities Change in unrealized appreciation Payable for securities purchased 125,182 710,385 (depreciation) on foreign exchange 67,160 (62,390) Redemptions payable 3,843,667 2,632,158 Total income 139,247,586 196,796,360

Accrued expenses 1,392,950 2,603,979 Expenses Total current liabilities 5,361,799 5,946,522 Management fees (Note 10a) 11,695,912 11,216,734

Net assets attributable to holders Administrative fees (Note 10a) 2,192,984 2,103,138 of redeemable units $ 1,552,157,094 $ 1,455,822,624 Other expenses including Number of redeemable indirect taxes (Note 10a) 1,568,101 1,682,510 units outstanding (Note 7) 94,847,306 95,330,341 Independent Review Committee fees Net assets attributable to holders of (Note 10a) 12,852 12,461 redeemable units per unit (Note 3e) $ 16.36 $ 15.27 Foreign withholding taxes (Note 6) 1,691,261 1,789,993

Transaction costs (Note 3g) 73,893 49,487 Total expenses 17,235,003 16,854,323 Approved by the board of directors of Tangerine Investment Less: Rebated and absorbed expenses (Note 10a) (6,768) (12,461) Management Inc. Net expenses 17,228,235 16,841,862

Increase in net assets attributable to holders of redeemable units from operations $ 122,019,351 $ 179,954,498 Increase in net assets attributable Ramy Dimitry, Director Timothy Morris, Director to holders of redeemable units from operations per unit (Note 3l) $ 1.29 $ 1.91

The accompanying notes are an integral part of the financial statements

4 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Statements of Changes in Statements of Cash Flows Net Assets Attributable to Holders For the years ended

of Redeemable Units December 31, December 31,

For the years ended 2020 2019

Cash flows from operating activities December 31, December 31,

2020 2019 Increase in net assets attributable to holders of redeemable units from operations $ 122,019,351 $ 179,954,498 Net assets attributable to holders of redeemable units, beginning of the year $ 1,455,822,624 $ 1,265,727,415 Adjustments for: Increase in net assets attributable Net realized gain on investments (37,492,790) (2,181,087) to holders of redeemable units from Unrealized foreign exchange (gain) loss operations 122,019,351 179,954,498 on cash (1,340) 5,941 Distributions to holders of redeemable Change in unrealized appreciation on units from investments (61,344,169) (153,542,114) Net investment income (23,494,032) (24,326,658) Proceeds from sale and maturity of investments 410,692,867 296,429,402 Total distributions to holders of redeemable units (23,494,032) (24,326,658) Purchase of investments (408,149,745) (331,427,648)

Redeemable unit transactions Net change in non-cash assets and liabilities (1,381,739) 1,269,548 Proceeds from redeemable units issued 228,517,131 217,137,409 Net cash from (used in) operating activities 24,342,435 (9,491,460)

Reinvestments of distributions to holders Cash flows from financing activities of redeemable units 23,480,034 24,312,445 Redemptions of redeemable units (254,188,014) (206,982,485) Proceeds from issuances redeemable units 227,874,952 216,804,218 Net increase (decrease) from redeemable Distributions to holders of redeemable units transactions (2,190,849) 34,467,369 units, net of reinvestments (13,998) (14,213) Net increase in net assets attributable to Amounts paid on redemptions of holders of redeemable units for the year 96,334,470 190,095,209 redeemable units (252,976,505) (206,785,375) Net cash flows from (used in) Net assets attributable to holders of financing activities (25,115,551) 10,004,630 redeemable units, end of the year $ 1,552,157,094 $ 1,455,822,624 Unrealized foreign exchange gain (loss) on cash 1,340 (5,941) Net increase (decrease) in cash during the year (771,776) 507,229 Cash, beginning of the year 1,212,037 704,808 Cash, end of the year $ 440,261 $ 1,212,037

Supplemental cash flow information relating to operating activities Interest received $ 16,493,138 $ 15,447,781 Dividends received, net of withholding taxes $ 21,945,324 $ 23,777,998

The accompanying notes are an integral part of the financial statements

5 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Number Average Fair Number Average Fair of Shares Security Cost ($) Value ($) of Shares Security Cost ($) Value ($) 43,637 Transurban Group 401,747 585,997 EQUITY (62.6% of Net Assets) 11,683 Treasury Wine Estates Ltd. 86,484 107,962 Australia (1.4% of Net Assets) 48,058 Vicinity Centres 136,179 75,828 3,343 Afterpay Limited 145,417 387,800 1,427 Washington H. Soul Pattinson & Company Limited 31,719 42,212 10,369 AGL Energy Limited 161,122 121,813 18,132 Wesfarmers Limited 659,168 898,393 56,710 AMP Limited 232,967 86,971 59,294 Westpac Banking Corporation 1,568,311 1,129,094 4,171 Ampol Ltd. 107,659 116,534 2,109 Wisetech Global Limited 47,358 63,755 19,749 APA Group 151,502 187,354 15,919 Woodside Petroleum Limited 499,697 355,874 9,273 Aristocrat Leisure Limited 109,506 282,600 20,184 Woolworths Group Limited 556,046 780,010 3,107 ASX, Ltd. 136,087 219,919 18,235,318 22,225,236 31,151 Aurizon Holdings Limited 128,303 119,434 36,738 AusNet Services 56,844 63,384 Austria (0.0% of Net Assets) 45,345 Australia and New Zealand Banking 4,375 Erste Group Bank AG 156,158 170,085 Group Limited 1,165,878 1,011,918 2,072 OMV AG 101,727 106,585 47,296 BHP Group Ltd. 1,482,984 1,972,819 2,254 Raiffeisen International Bank-Holding AG 92,096 58,606 8,203 BlueScope Steel Limited 91,413 140,963 971 Verbund AG Cl. A 52,492 105,725 23,870 Brambles Limited 215,300 248,741 1,494 Voestalpine AG 63,378 68,235 1,553 CIMIC Group Limited 45,303 37,206

7,519 Coca-Cola Amatil Limited 73,697 95,576 465,851 509,236 1,035 Cochlear, Ltd. 106,518 192,306 Belgium (0.2% of Net Assets) 21,646 Coles Group Limited 267,947 386,016 2,882 Ageas SA/NV 125,410 195,782 28,429 Commonwealth Bank of Australia 1,905,854 2,294,814 12,012 Anheuser-Busch InBev SA/NV 1,251,946 1,067,474 8,528 Computershare, Ltd. 96,458 122,319 931 Colruyt SA 55,301 70,342 5,723 Crown Resorts, Ltd. 60,361 54,180 466 Elia Group SA/NV 75,659 70,824 7,295 CSL Limited 769,247 2,030,850 663 Galapagos NV 168,682 83,175 17,818 Dexus 142,370 164,656 1,782 Groupe Bruxelles Lambert SA 195,277 229,223 25,287 Evolution Mining Limited 141,526 124,047 3,988 KBC Group NV 249,962 356,081 27,224 Fortescue Metals Group Limited 181,475 627,067 2,133 Proximus SA 77,950 53,897 26,174 Goodman Group 155,379 486,577 234 Sofina SA 88,504 101,039 38,548 Insurance Australia Group Limited 199,599 178,111 1,210 Solvay SA Cl. A 162,490 182,730 11,535 LendLease Group 141,544 148,552 2,021 UCB SA 170,732 266,141 5,463 Macquarie Group Limited 375,618 743,718 3,189 Umicore SA 118,988 195,312 2,071 Magellan Financial Group Limited 94,808 109,250 2,740,901 2,872,020 45,318 Medibank Private Limited 105,855 134,100 66,736 Mirvac Group 111,393 173,202 Bermuda (0.3% of Net Assets) 51,865 National Australia Bank Limited 1,322,520 1,152,319 48,976 Brookfield Infrastructure Partners LP 2,431,970 3,084,509 13,110 Newcrest Mining Limited 313,049 332,258 53,283 Brookfield Property Partners LP 1,264,062 980,940 11,609 Northern Star Resources, Ltd. 157,639 144,826 10,500 CK Infrastructure Holdings Limited 102,561 71,855 7,124 Orica Limited 139,389 106,103 326 Everest Re Group, Ltd. 110,147 97,223 28,580 Origin Energy Limited 234,702 133,739 19,900 Hongkong Land Holdings Limited 167,461 104,706 14,401 Qantas Airways Limited 80,558 68,663 3,027 IHS Markit Ltd. 197,535 346,420 23,638 QBE Insurance Group Limited 279,188 198,221 3,446 Invesco, Ltd. 116,701 76,521 3,055 Ramsay Health Care Limited 162,714 186,746 3,500 Jardine Matheson Holdings Limited 274,258 249,704 879 REA Group Limited 44,154 128,634 3,600 Jardine Strategic Holding Limited 168,407 114,110 5,917 Rio Tinto Limited 379,237 662,138 1,940 Norwegian Cruise Line Holdings, Ltd. 142,210 62,852 28,732 Santos Limited 183,292 177,102 4,975,312 5,188,840 80,840 Scentre Group 312,952 220,933 5,427 Seek Limited 70,119 152,213 Canada (20.5% of Net Assets) 7,306 Sonic Healthcare Limited 124,278 230,914 40,248 Agnico-Eagle Mines Limited 2,046,473 3,605,818 83,255 South32 Limited 180,682 202,151 98,729 Algonquin Power & Utilities Corp. 1,817,367 2,068,372 37,346 Stockland 136,786 153,465 142,274 Alimentation Couche-Tard Inc. Cl. B 4,115,879 6,171,846 21,570 Suncorp Group Limited 248,137 206,538 107,052 Bank of Montreal 7,923,155 10,360,493 20,258 Sydney Airport 95,611 127,657 294,776 Barrick Gold Corporation 6,815,230 8,548,504 38,348 Tabcorp Holdings Limited 160,779 147,027 51,076 Bausch Health Companies Inc. 4,268,528 1,348,917 69,535 Telstra Corporation Limited 282,929 203,709 149,926 BCE Inc. 7,534,333 8,160,472 33,289 The GPT Group 134,318 147,266 232,272 Brookfield Asset Management Inc. Cl. A 6,656,424 12,222,153 5,733 TPG Telecom Limited 45,642 40,692 65,752 Cameco Corporation 1,247,362 1,121,072

6 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Number Average Fair Number Average Fair of Shares Security Cost ($) Value ($) of Shares Security Cost ($) Value ($) 28,294 Canadian Apartment Properties REIT 1,392,133 1,414,417 27,000 ESR Cayman Ltd. 105,385 123,328 74,094 Canadian Imperial Bank of Commerce 6,768,262 8,055,500 3,598 Melco Resorts & Entertainment Ltd. ADR 77,187 85,030 117,847 Canadian National Railway Company 8,840,275 16,491,509 40,400 Sands China, Ltd. 195,217 226,022 195,569 Canadian Natural Resources, Ltd. 6,588,055 5,982,456 150,146 WH Group Limited 165,368 160,354 22,275 Canadian Pacific Railway Limited 4,253,343 9,835,081 16,000 Wharf Real Estate Investment 9,533 Canadian Tire Corporation, Ltd. Cl. A 955,522 1,595,157 Company Limited 134,902 106,076 37,452 Canopy Growth Corporation 1,905,737 1,172,997 25,200 Wynn Macau, Limited 72,226 53,909 24,761 CCL Industries Inc. Cl. B 1,506,877 1,430,938 30,000 Xinyi Glass Holdings Limited 87,257 106,716 169,423 Cenovus Energy Inc. 3,197,087 1,313,028 2,295,772 1,701,649 37,953 CGI Inc. 2,095,543 3,832,873 Denmark (0.5% of Net Assets) 3,304 Constellation Software Inc. 2,447,400 5,461,248 56 A.P. Moller - Maersk A/S Series A 130,843 148,352 47,959 Dollarama Inc. 1,593,779 2,488,113 106 A.P. Moller - Maersk A/S Series B 210,176 301,787 41,633 Emera Incorporated 2,015,153 2,252,345 2,522 Ambu A/S Cl. B 116,480 139,010 335,365 Enbridge Inc. 15,666,414 13,652,709 1,707 Carlsberg A/S Cl. B 198,381 348,613 91,303 First Quantum Minerals, Ltd. 1,282,837 2,086,274 1,658 Chr. Hansen Holding A/S 152,230 217,496 76,922 Fortis Inc. 3,242,201 3,999,944 1,956 Coloplast A/S Series B 178,110 380,786 31,624 Franco-Nevada Corporation 2,801,848 5,047,190 10,442 Danske Bank A/S 299,982 220,097 11,743 George Weston Limited 1,048,143 1,116,524 1,545 Demant A/S 26,681 77,847 32,927 Gildan Activewear Inc. Cl. A 889,940 1,171,872 3,301 DSV Panalpina A/S 228,909 705,118 36,327 Imperial Oil, Ltd. 1,437,195 877,660 1,076 Genmab A/S 228,595 554,999 71,304 Inter Pipeline, Ltd. 1,792,087 846,378 2,000 GN Store Nord A/S 149,221 204,058 208,916 Kinross Gold Corporation 1,551,711 1,951,275 1,252 H. Lundbeck A/S 80,556 54,746 45,451 Kirkland Lake Gold Ltd. 2,696,972 2,390,723 27,735 Novo Nordisk A/S Cl. B 1,355,484 2,478,083 26,838 Loblaw Companies Limited 1,327,866 1,685,695 3,422 Novozymes A/S Series B 156,857 250,463 45,034 Magna International Inc. 2,057,725 4,058,014 3,113 Orsted A/S 203,173 810,664 321,288 Manulife Financial Corporation 6,310,178 7,277,173 1,740 Pandora A/S 142,985 248,149 41,447 Metro Inc. 1,408,039 2,354,190 130 Rockwool International A/S Series B 61,728 62,017 55,762 National Bank of Canada 2,555,679 3,994,790 2,108 Tryg A/S 53,961 84,803 94,237 Nutrien Ltd. 6,121,286 5,771,074 3,116 Vestas Wind Systems A/S 238,591 939,345 45,295 Open Text Corporation 2,073,795 2,619,863 4,212,943 8,226,433 91,119 Pembina Pipeline Corporation 3,549,776 2,742,682 94,970 Power Corporation of Canada 2,825,304 2,775,973 Finland (0.3% of Net Assets) 50,324 Restaurant Brands International Inc. 2,999,015 3,916,717 2,368 Elisa OYJ Series A 100,571 165,626 57,956 Rogers Communications Inc. Cl. B 2,869,777 3,434,473 7,460 Fortum OYJ 185,334 229,085 235,846 Royal Bank of Canada 17,836,101 24,667,133 4,391 Kesko OYJ Series B 149,748 144,012 39,567 Saputo Inc. 1,235,768 1,409,772 5,590 Kone OYJ Series B 294,450 579,113 76,789 Shaw Communications Inc. Cl. B 1,889,320 1,715,466 6,991 Neste OYJ 122,222 644,701 18,233 Shopify Inc. Cl. A 7,033,362 26,206,656 92,868 Nokia OYJ 760,406 455,882 29,164 SNC-Lavalin Group Inc. Cl. A 1,300,361 633,734 53,333 Nordea Bank ABP 637,648 556,125 96,789 Sun Life Financial Inc. 3,816,549 5,478,257 1,794 Orion OYJ Series B 68,451 104,952 252,522 Suncor Energy Inc. 9,218,263 5,391,345 7,327 Sampo OYJ Series A 349,276 394,836 155,822 TC Energy Corporation 8,231,903 8,063,788 9,820 Stora Enso OYJ Series R 130,878 239,485 77,363 Teck Resources, Ltd. Cl. B Sub. Voting 1,799,440 1,787,085 8,819 UPM-Kymmene OYJ 212,009 418,874 214,011 TELUS Corporation 4,144,451 5,395,217 7,739 Wartsila OYJ Abp 127,420 98,318 200,615 The Bank of Nova Scotia 12,351,818 13,802,312 3,138,413 4,031,009 300,818 The Toronto-Dominion Bank 16,048,708 21,634,831 27,932 Thomson Reuters Corporation 1,495,863 2,909,956 France (2.2% of Net Assets) * 6,144 Topicus.com, Inc. — 61,686 2,986 Accor SA 152,183 137,776 43,527 Waste Connections, Inc. 4,046,929 5,681,144 521 Aeroports de Paris SA 79,504 86,168 74,395 Wheaton Precious Metals Corp. 2,231,011 3,954,838 7,571 Air Liquide SA 893,256 1,584,377 245,171,552 317,497,722 4,152 Alstom SA 225,065 301,667 1,050 Amundi SA 113,679 109,334 Cayman Islands (0.1% of Net Assets) 1,119 Arkema SA 107,278 163,092 5,100 ASM Pacific Technology Limited 68,426 85,723 1,595 Atos SE 169,432 185,925 22,100 Budweiser Brewing Company APAC Ltd. 111,679 92,957 30,837 AXA SA 836,613 937,918 41,100 CK Asset Holdings Ltd. 432,611 268,768 708 bioMerieux 87,417 127,359 44,186 CK Hutchison Holdings Limited 845,514 392,766 17,960 BNP Paribas SA 1,245,004 1,206,772

*This security has no quoted market values and is classified as a Level 3 security. Refer to Note 5. 7 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Number Average Fair Number Average Fair of Shares Security Cost ($) Value ($) of Shares Security Cost ($) Value ($) 15,801 Bollore SA 90,468 83,301 3,768 Bouygues SA 183,793 197,645 Germany (1.9% of Net Assets) 4,969 Bureau Veritas SA 129,224 168,546 3,062 Adidas AG 481,536 1,421,893 2,630 Capgemini SE 238,053 519,836 6,723 Allianz SE 1,273,980 2,103,302 9,825 Carrefour SA 285,503 214,873 14,775 BASF SE 1,419,455 1,490,586 3,190 CNP Assurances 57,575 65,539 15,818 Bayer AG 1,918,108 1,187,364 8,150 Compagnie de Saint-Gobain 422,382 476,409 5,289 Bayerische Motoren Werke (BMW) AG 540,216 595,501 2,754 Compagnie Generale des 901 Bayerische Motoren Werke (BMW) AG Etablissements Michelin 324,008 450,544 Preferred 80,226 77,527 713 Covivio 67,243 83,746 439 Bechtle AG 124,331 122,082 18,724 Credit Agricole SA 260,300 301,210 1,675 Beiersdorf AG 152,649 246,582 9,802 DANONE SA 723,336 821,420 2,587 Brenntag AG 152,575 255,426 45 Dassault Aviation SA 71,597 62,921 611 Carl Zeiss Meditec AG 80,371 103,719 2,095 Dassault Systemes SE 195,303 542,595 15,315 Commerzbank AG 243,105 125,715 3,953 Edenred 124,198 285,976 1,736 Continental AG 343,387 328,112 1,324 Eiffage SA 146,307 163,127 2,839 Covestro AG 243,853 223,396 10,377 Electricite de France SA 189,319 208,586 13,780 Daimler AG 1,081,326 1,241,346 28,672 Engie SA 663,963 559,569 2,125 Delivery Hero SE 164,104 420,682 4,505 EssilorLuxottica 597,121 895,708 31,292 Deutsche Bank AG 918,797 436,515 719 Eurazeo SE 49,804 62,203 3,049 Deutsche Boerse AG 329,061 661,826 1,352 Faurecia 124,111 88,325 774 Gecina SA 134,163 152,383 3,524 Deutsche Lufthansa AG 74,393 59,409 7,480 Getlink SE 83,570 165,337 15,883 Deutsche Post AG 553,062 1,002,718 514 Hermes International 302,628 704,757 53,623 Deutsche Telekom AG 1,006,030 1,250,054 240 Iliad SA 50,881 62,888 5,430 Deutsche Wohnen SE 188,733 369,805 612 Ipsen SA 96,382 64,776 36,862 E.ON SE 688,427 520,823 1,210 Kering SA 409,684 1,121,128 3,454 Evonik Industries AG 139,468 143,648 3,423 Klepierre SA 176,930 98,125 3,512 Fresenius Medical Care AG & Co. KGaA 306,084 373,362 1,271 La Francaise des Jeux SAEM 59,934 74,118 6,890 Fresenius SE & Co. KGaA 443,712 406,407 4,173 Legrand SA 264,790 474,856 1,090 Fuchs Petrolub SE Preferred 56,102 78,906 4,028 L'Oréal SA 875,754 1,951,469 2,366 GEA Group AG 102,945 107,988 4,451 LVMH Moet Hennessy Louis Vuitton SE 1,130,189 3,544,742 1,006 Hannover Rueck SE 103,435 204,331 17,053 Natixis 98,484 74,138 2,504 HeidelbergCement AG 204,706 238,956 31,643 Orange SA 637,648 480,131 2,376 HelloFresh SE 181,507 234,075 804 Orpea SA 130,537 134,790 1,740 Henkel AG & Co. KGaA 166,769 213,866 3,359 Pernod Ricard SA 495,281 821,008 2,834 Henkel AG & Co. KGaA Preferred 341,068 407,749 9,229 Peugeot SA 190,823 321,819 350 Hochtief AG 60,875 43,401 3,371 Publicis Groupe SA 201,495 214,182 20,052 Infineon Technologies AG 352,789 981,161 400 Remy Cointreau SA 45,742 94,962 1,175 KION Group AG 132,399 130,336 3,119 Renault SA 234,204 173,862 1,166 Knorr-Bremse AG 178,875 202,985 5,159 Safran SA 451,640 932,454 1,441 Lanxess AG 98,280 140,974 18,327 Sanofi 1,860,866 2,248,315 1,119 LEG Immobilien AG 187,141 221,631 449 Sartorius Stedim Biotech 71,797 203,812 2,059 Merck KGaA 203,859 450,464 8,842 Schneider Electric SE 782,350 1,630,809 887 MTU Aero Engines AG 207,076 295,059 2,742 SCOR SE 96,357 112,925 398 SEB SA 78,234 92,440 2,241 Muenchener Rueckversicherungs- Gesellschaft AG 505,889 848,168 12,767 Societe Generale 590,275 338,759 882 Nemetschek SE 96,145 83,042 1,491 Sodexo SA 168,646 160,879 2,579 Porsche Automobil Holding SE 5,913 Suez SA 114,715 149,503 Preferred Non-Voting 212,568 226,737 971 Teleperformance 219,964 410,639 1,359 Puma SE 91,855 195,487 1,776 Thales SA 140,771 207,356 82 Rational AG 94,699 97,336 40,775 Total SE 2,125,383 2,243,674 9,324 RWE AG Cl. A 378,544 502,450 1,518 UbiSoft Entertainment SA 164,355 186,556 16,917 SAP SE 1,728,178 2,827,420 3,546 Valeo SA 183,194 178,428 8,959 Veolia Environnement SA 211,204 279,446 572 Sartorius AG Preferred Non-Voting 116,040 306,366 8,462 VINCI SA 701,950 1,073,186 1,692 Scout24 AG 178,848 176,844 13,000 Vivendi SA 371,600 534,576 12,333 Siemens AG 1,620,254 2,259,288 485 Wendel SE 54,979 74,052 4,321 Siemens Healthineers AG 246,004 282,760 3,778 Worldline SA 368,625 465,832 2,053 Symrise AG 177,422 346,904 23,229,063 33,345,579 2,028 TeamViewer AG 142,665 138,558

8 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Number Average Fair Number Average Fair of Shares Security Cost ($) Value ($) of Shares Security Cost ($) Value ($) 18,247 Telefonica Deutschland Holding AG 109,374 64,140 1,749 Seagate Technology PLC 73,214 138,507 3,403 Uniper SE 133,297 149,802 3,081 Smurfit Kappa Group PLC 164,626 182,694 1,789 United Internet AG 75,489 96,015 677 STERIS Public Limited Company 134,550 163,478 501 Volkswagen AG 149,593 132,841 1,929 Trane Technologies PLC 125,761 356,737 2,973 Volkswagen AG Preferred 626,750 706,363 1,688 Willis Towers Watson PLC 352,464 453,070 8,258 Vonovia SE 333,142 769,266 5,964,384 10,015,118 2,528 Zalando SE 155,548 358,836 22,697,119 29,688,305 Isle of Man (0.0% of Net Assets) 9,134 Entain PLC 148,472 180,304 Hong Kong (0.5% of Net Assets) 194,800 AIA Group Limited 1,399,752 3,040,637 Israel (0.1% of Net Assets) 19,131 Bank of East Asia, Ltd. 69,410 52,053 644 Azrieli Group Ltd. 34,201 52,154 59,000 BOC Hong Kong Holdings, Ltd. 218,315 227,809 17,519 Bank Hapoalim BM 113,438 152,859 26,000 CLP Holdings Limited 278,278 306,298 24,909 Bank Leumi Le-Israel BM 127,245 186,799 36,000 Galaxy Entertainment Group Limited 235,526 356,379 1,829 Check Point Software Technologies, Ltd. 223,256 309,700 35,000 Hang Lung Properties, Ltd. 120,933 117,602 700 CyberArk Software Ltd. 120,744 144,106 12,200 Hang Seng Bank Limited 265,912 268,005 341 Elbit Systems, Ltd. 46,247 57,247 22,315 Henderson Land Development Co., Ltd. 106,100 110,911 9,570 ICL Group Ltd. 79,777 62,123 46,500 HK Electric Investments and HK 17,676 Israel Discount Bank Series A 91,996 86,688 Electric Investments Limited 56,179 58,295 1,908 Mizrahi Tefahot Bank, Ltd. 27,334 56,212 61,680 HKT Trust and HKT, Ltd. 89,844 101,952 1,046 Nice, Ltd. 113,591 373,534 175,628 Hong Kong & China Gas Company Ltd. 276,405 334,160 10,720 Teva Pharmaceutical Industries, Ltd. 634,695 129,946 19,635 Hong Kong Exchanges & Clearing Ltd. 506,303 1,371,109 7,799 Teva Pharmaceutical Industries, Ltd. ADR 144,380 95,882 35,200 Link Real Estate Investment Trust 215,729 408,319 900 Wix.com, Ltd. 169,300 286,604 25,943 MTR Corporation Limited 143,512 184,783 1,926,204 1,993,854 25,825 New World Development Co., Ltd. 129,150 153,179 64,926 PCCW Limited 38,330 49,818 Italy (0.4% of Net Assets) 22,500 Power Assets Holdings Limited 213,735 155,269 2,002 Amplifon SPA 104,182 106,229 48,669 Sino Land Company Limited 74,679 80,765 18,128 Assicurazioni Generali SPA 400,593 402,959 34,000 SJM Holdings Limited 51,395 48,434 8,313 Atlantia SPA 232,067 190,682 21,016 Sun Hung Kai Properties Limited 361,682 345,304 390 DiaSorin 113,029 103,409 8,500 Swire Pacific Limited Cl. A 96,112 60,054 132,741 Enel SPA 804,677 1,712,445 17,561 Swire Properties Limited 64,043 65,065 41,685 Eni SPA 929,901 555,438 23,000 Techtronic Industries Company Ltd. 117,688 417,960 9,673 FinecoBank Banca Fineco SPA 135,622 202,049 5,129,012 8,314,160 5,403 Infrastrutture Wireless Italiane SPA 90,372 83,633 266,147 Intesa Sanpaolo SPA 863,442 793,482 International (0.0% of Net Assets) 10,117 Mediobanca SPA 107,448 118,909 1,745 Unibail-Rodamco-Westfield REIT 432,583 175,665 2,925 Moncler SPA 165,842 228,613 10,400 Unibail-Rodamco-Westfield REIT CDI 149,332 52,142 4,854 Nexi SPA 110,228 123,635 581,915 227,807 8,376 Poste Italiane SPA 83,478 108,630 Ireland (0.7% of Net Assets) 4,143 Prysmian SPA 115,170 187,802 1,677 Recordati SPA 92,402 118,498 5,123 Accenture PLC Cl. A 632,460 1,704,840 32,671 Snam SPA 194,814 234,318 776 Allegion PLC 43,554 115,056 156,954 Telecom Italia SPA 174,418 92,335 1,307 Aon PLC Cl. A 310,641 351,789 81,845 Telecom Italia SPA Preferred Savings 12,911 CRH PLC 407,865 684,676 Shares 73,148 54,069 1,599 DCC PLC 195,286 144,189 23,457 Terna SPA 142,126 228,530 3,265 Eaton Corporation PLC 245,203 499,736 33,158 UniCredit SPA 916,068 395,300 Flutter Entertainment Public Limited 2,547 446,497 662,638 5,849,027 6,040,965 Company 7,189 James Hardie Industries PLC CDI 92,364 270,115 Japan (5.3% of Net Assets) 6,028 Johnson Controls International PLC 312,788 357,796 500 ABC-Mart, Inc. 33,013 35,415 2,631 Kerry Group PLC Cl. A 244,877 485,993 7,000 Acom Co., Ltd. 31,880 38,092 2,593 Kingspan Group PLC 165,129 232,009 3,200 Advantest Corporation 108,545 305,232 4,240 Linde Public Limited Company 764,653 1,423,418 10,800 AEON Co., Ltd. 185,697 451,110 10,881 Medtronic Public Limited Company 930,395 1,623,841 2,000 AEON Mall Co., Ltd. 48,403 42,004 1,437 Pentair Public Limited Company 114,601 97,194 3,300 AGC Inc. 126,810 146,594 1,182 Perrigo Company PLC 207,456 67,342 3,000 Air Water Inc. 57,449 67,892

9 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Number Average Fair Number Average Fair of Shares Security Cost ($) Value ($) of Shares Security Cost ($) Value ($) 2,600 Aisin Seiki Co., Ltd. 128,991 99,297 26,100 Honda Motor Co., Ltd. 976,799 926,736 7,300 Ajinomoto Co., Inc. 150,881 210,560 900 Hoshizaki Corporation 95,104 105,170 2,900 Alfresa Holdings Corporation 64,649 67,597 6,000 Hoya Corporation 294,628 1,056,515 5,400 Amada Co., Ltd. 42,681 75,496 4,800 Hulic Co., Ltd. 61,237 67,108 1,800 ANA Holdings Inc. 56,854 50,575 1,700 Ibiden Co., Ltd. 103,312 101,006 7,500 Asahi Group Holdings, Ltd. 302,167 392,769 3,125 Idemitsu Kosan Co., Ltd. 112,778 87,534 3,100 Asahi Intecc Co., Ltd. 97,191 144,021 2,600 Iida Group Holdings Co., Ltd. 50,651 66,861 20,100 Asahi Kasei Corporation 180,884 261,543 16,700 INPEX Corporation 232,586 114,575 30,000 Astellas Pharma Inc. 432,828 590,079 9,500 Isuzu Motors Limited 119,791 114,882 2,000 Azbil Corporation 116,448 139,190 800 ITO EN, Ltd. 63,395 64,462 3,200 Bandai Namco Holdings Inc. 101,428 352,458 22,000 Itochu Corporation 347,262 804,639 8,600 Bridgestone Corp. 329,804 359,111 1,500 Itochu Techno-Solutions Corporation 49,859 68,207 3,700 Brother Industries, Ltd. 57,479 97,066 1,800 Japan Airlines Co., Ltd. 80,689 44,311 1,300 CALBEE, Inc. 39,679 49,889 900 Japan Airport Terminal Co., Ltd. 57,387 69,410 16,400 Canon Inc. 649,777 400,286 8,500 Japan Exchange Group, Inc. 115,870 276,690 1,400 Capcom Co., Ltd. 102,305 115,745 6,300 Japan Post Bank Co., Ltd. 111,188 65,845 3,400 Casio Computer Co., Ltd. 47,462 79,126 26,100 Japan Post Holdings Co., Ltd. 405,369 258,552 2,300 Central Japan Railway Company 407,705 414,079 3,800 Japan Post Insurance Co., Ltd. 83,650 99,033 10,700 Chubu Electric Power Co., Inc. 206,494 164,118 21 Japan Real Estate Investment Corp. 123,748 154,442 11,000 Chugai Pharmaceutical Co., Ltd. 212,248 746,952 41 Japan Retail Fund Investment Corp. 93,847 94,911 1,900 Coca-Cola Bottlers Japan Holdings Inc. 81,959 37,723 19,700 Japan Tobacco Inc. 644,621 510,975 18,600 Concordia Financial Group, Ltd. 110,387 83,314 8,600 JFE Holding, Inc. 186,855 104,847 300 COSMOS Pharmaceutical Corporation 62,060 61,747 3,200 JSR Corporation 64,451 113,485 1,600 CyberAgent, Inc. 105,791 140,375 7,400 Kajima Corporation 101,163 126,194 3,900 Dai Nippon Printing Co., Ltd. 87,691 89,271 2,200 Kakaku.com, Inc. 45,064 76,826 1,700 Daifuku Co., Ltd. 116,542 267,670 3,000 Kansai Paint Co., Ltd. 50,386 117,535 17,800 Dai-ichi Life Holdings, Inc. 327,391 340,888 7,700 Kao Corporation 439,107 757,268 27,300 Daiichi Sankyo Company, Limited 304,008 1,190,837 25,800 KDDI Corporation 659,217 976,095 4,000 Daikin Industries, Ltd. 359,914 1,131,293 1,600 Keihan Holdings Co., Ltd. 59,490 97,631 1,000 Daito Trust Construction Co., Ltd. 125,481 118,954 3,600 Keikyu Corporation 74,394 78,583 9,400 Daiwa House Industry Co., Ltd. 248,450 355,400 1,500 Keio Corporation 68,158 148,075 32 Daiwa House REIT Investment Corp. 109,925 100,770 2,100 Keisei Electric Railway Co., Ltd. 63,540 90,437 24,500 Daiwa Securities Group Inc. 167,557 142,090 3,000 Keyence Corporation 728,574 2,147,087 7,100 DENSO Corporation 342,167 537,406 2,400 Kikkoman Corporation 84,588 212,340 3,700 Dentsu Group Inc. 174,128 139,937 2,800 Kintetsu Group Holdings Co., Ltd. 127,929 156,170 500 DISCO Corporation 134,441 214,400 13,600 Kirin Holdings Company, Limited 265,861 408,470 4,800 East Japan Railway Company 447,305 407,798 800 Kobayashi Pharmaceutical Co., Ltd. 94,011 124,482 4,000 Eisai Co., Ltd. 256,741 363,870 2,200 Kobe Bussan Co., Ltd. 79,695 86,328 50,900 ENEOS Holdings, Inc. 322,796 232,643 1,700 Koito Manufacturing Co., Ltd. 49,935 147,261 3,100 FANUC Corporation 625,261 970,088 14,000 Komatsu, Ltd. 376,717 486,735 900 Fast Retailing Co., Ltd. 484,156 1,026,937 1,600 Konami Holdings Corp. 59,017 114,511 2,100 Fuji Electric Co., Ltd. 72,986 96,267 500 KOSE Corporation 70,883 108,588 5,900 FUJIFILM Holdings Corporation 244,033 395,906 16,400 Kubota Corporation 268,211 455,533 3,200 Fujitsu, Ltd. 231,896 588,549 5,600 Kuraray Company Limited 78,817 75,805 3,000 Fukuoka Financial Group, Inc. 83,117 67,855 1,700 Kurita Water Industries Limited 45,008 82,755 56 GLP J-Reit 103,243 112,359 5,300 Kyocera Corporation 317,415 413,719 700 GMO Payment Gateway, Inc. 67,873 119,546 4,600 Kyowa Kirin Co., Ltd. 93,850 159,728 3,500 Hakuhodo Dy Holdings Incorporated 41,385 61,112 6,600 Kyushu Electric Power Company, Inc. 94,352 72,320 2,400 Hamamatsu Photonics K.K. 85,091 174,728 2,500 Kyushu Railway Company 114,352 68,639 3,800 Hankyu Hanshin Holdings, Inc. 133,843 160,834 1,200 Lasertec Corporation 136,141 179,319 300 Hikari Tsushin, Inc. 58,062 89,511 900 Lawson, Inc. 74,048 53,363 5,300 Hino Motors Limited 66,992 57,486 3,600 Lion Corporation 90,477 110,967 520 Hirose Electric Co., Ltd. 73,845 100,420 4,400 LIXIL Corporation 96,393 121,293 900 Hisamitsu Pharmaceutical Co., Inc. 51,143 68,077 7,200 M3, Inc. 173,494 865,617 1,700 Hitachi Construction Machinery Co., Ltd. 46,051 61,463 3,500 Makita Corporation 101,382 223,285 3,700 Hitachi Metals, Ltd. 55,066 71,498 26,200 Marubeni Corp. 187,920 221,814 15,800 Hitachi, Ltd. 567,310 792,534 3,100 Marui Group Co., Ltd. 38,189 69,314

10 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Number Average Fair Number Average Fair of Shares Security Cost ($) Value ($) of Shares Security Cost ($) Value ($) 10,000 Mazda Motor Corporation 155,967 85,390 11,000 Obayashi Corporation 98,110 120,805 1,200 McDonald's Holdings Company 1,100 Obic Co., Ltd. 100,796 281,379 (Japan), Ltd. 52,743 74,038 4,700 Odakyu Electric Railway Co., Ltd. 99,896 187,907 3,100 Medipal Holdings Corporation 74,404 74,134 14,000 Oji Holdings Corporation 77,677 101,407 1,900 MEIJI Holdings Co., Ltd. 107,071 170,212 18,500 Olympus Corporation 189,564 515,119 1,500 Mercari, Inc. 52,150 84,680 2,900 Omron Corporation 108,402 329,220 6,200 Minebea Mitsumi Inc. 108,932 156,683 6,000 ONO Pharmaceutical Co., Ltd. 125,395 230,109 4,500 MISUMI Group Inc. 122,587 187,963 600 Oracle Corporation Japan 47,238 99,580 20,700 Mitsubishi Chemical Holdings Corp. 164,716 159,439 3,200 Oriental Land Co., Ltd. 229,647 672,853 21,300 Mitsubishi Corporation 571,299 667,859 20,800 Orix Corporation 330,369 406,683 30,000 Mitsubishi Electric Corporation 400,766 576,382 44 ORIX JREIT Inc. 121,738 92,572 19,500 Mitsubishi Estate Company, Limited 463,330 398,710 6,300 Osaka Gas Co., Ltd. 142,391 164,186 2,700 Mitsubishi Gas & Chemical 1,800 Otsuka Corporation 65,323 121,051 Company, Ltd. 45,071 78,928 6,400 Otsuka Holdings Co., Ltd. 269,576 348,904 5,400 Mitsubishi Heavy Industries, Ltd. 283,660 210,296 6,500 Pan Pacific International Holdings Corp. 81,600 191,535 195,700 Mitsubishi UFJ Financial Group, Inc. 1,293,018 1,101,416 35,000 Panasonic Corporation 459,855 514,159 6,100 Mitsubishi UFJ Lease & Finance 1,600 PeptiDream Inc. 102,926 103,455 Company Limited 31,024 37,259 2,900 Persol Holdings Co., Ltd. 78,459 66,595 26,000 MITSUI & Co., Ltd. 455,183 606,207 1,900 Pigeon Corporation 103,431 99,759 3,100 Mitsui Chemicals, Inc. 67,418 115,714 1,600 Pola Orbis Holdings Inc. 43,993 41,343 15,400 Mitsui Fudosan Co., Ltd. 411,670 410,179 14,500 Rakuten, Inc. 194,987 177,850 1,300 Miura Co., Ltd. 76,721 92,399 21,800 Recruit Holdings Co., Ltd. 597,129 1,162,361 38,340 Mizuho Financial Group, Inc. 779,819 618,578 12,300 Renesas Electronics Corporation 168,624 163,767 2,100 MonotaRO Co., Ltd. 75,213 136,044 34,000 Resona Holdings, Inc. 207,782 151,204 7,100 MS&AD Insurance Group Holdings, Inc. 224,294 275,186 10,600 Ricoh Co., Ltd. 145,749 88,551 9,200 Murata Manufacturing Company, Ltd. 396,006 1,058,045 600 Rinnai Corp. 56,205 88,697 2,000 Nabtesco Corporation 55,270 111,550 1,500 Rohm Company Limited 107,548 184,909 3,100 Nagoya Railroad Co., Ltd. 79,328 104,124 4,000 Ryohin Keikaku Co., Ltd. 128,147 103,899 4,100 NEC Corporation 135,619 280,281 5,800 Santen Pharmaceutical Co., Ltd. 76,123 119,879 7,700 Nexon Co., Ltd. 91,669 302,147 3,757 SBI Holdings, Inc. 87,907 113,442 4,400 NGK Insulators Limited 92,835 86,436 800 SCSK Corporation 54,090 58,243 2,700 NGK Spark Plug Co., Ltd. 69,055 58,738 3,300 Secom Co., Ltd. 250,836 387,538 1,400 NH Foods, Ltd. 74,763 78,430 2,900 Sega Sammy Holding Inc. 58,612 58,222 7,300 Nidec Corporation 361,682 1,169,225 3,000 SEIBU Holdings Inc. 78,763 37,426 2,500 Nihon M&A Center Inc. 140,108 212,858 4,900 Seiko Epson Corporation 90,986 92,570 1,800 Nintendo Co., Ltd. 502,189 1,462,166 5,800 Sekisui Chemical Co., Ltd. 85,314 139,847 25 Nippon Building Fund Inc. 163,144 184,477 10,000 Sekisui House, Ltd. 168,757 259,131 1,100 Nippon Express Co., Ltd. 72,516 94,065 11,900 Seven & I Holdings Co., Ltd. 510,494 537,291 2,400 Nippon Paint Holdings Co., Ltd. 82,724 335,538 5,400 SG Holdings Co., Ltd. 94,247 187,374 33 Nippon Prologis REIT, Inc. 93,978 131,120 3,500 Sharp Corporation 57,140 67,547 2,700 Nippon Sanso Holdings Corporation 41,775 63,835 3,500 Shimadzu Corporation 83,147 173,186 700 Nippon Shinyaku Co., Ltd. 80,704 58,477 400 Shimamura Co., Ltd. 41,601 53,504 13,100 Nippon Steel Corporation 360,268 214,669 1,200 Shimano Inc. 145,488 356,639 20,500 Nippon Telegraph and Telephone Corp. 426,767 669,209 9,700 Shimizu Corporation 74,305 89,770 2,500 Nippon Yusen Kabushiki Kaisha 89,570 74,099 5,700 Shin-Etsu Chemical Co., Ltd. 475,951 1,268,854 2,000 Nissan Chemical Corporation 106,601 159,427 2,200 Shinsei Bank, Ltd. 48,132 34,504 39,000 Nissan Motor Co., Ltd. 386,326 269,496 4,200 Shionogi & Co., Ltd. 171,429 292,041 3,200 Nisshin Seifun Group Inc. 49,271 64,798 6,300 Shiseido Company, Limited 273,844 554,748 1,000 Nissin Foods Holdings Co., Ltd. 62,672 109,082 900 SMC Corporation 329,014 699,099 1,300 Nitori Holdings Co., Limited 132,418 346,816 46,900 SoftBank Corp. 800,863 748,293 2,600 Nitto Denko Corp. 189,646 296,125 25,500 SoftBank Group Corp. 927,809 2,535,525 50,000 Nomura Holdings, Inc. 325,777 336,254 1,200 Sohgo Security Services Co., Ltd. 78,960 79,220 2,100 Nomura Real Estate Holdings, Inc. 52,846 59,160 5,600 Sompo Holdings, Inc. 198,081 288,361 67 Nomura Real Estate Master Fund, Inc. 115,733 122,029 20,500 Sony Corporation 881,284 2,601,708 5,000 Nomura Research Institute, Ltd. 69,922 227,974 1,500 Square Enix Holdings Co., Ltd. 99,489 115,869 6,000 NSK, Ltd. 80,308 66,338 2,200 Stanley Electric Co., Ltd. 53,044 90,264 10,300 NTT Data Corporation 111,808 179,335 10,200 Subaru Corporation 289,043 259,594

11 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Number Average Fair Number Average Fair of Shares Security Cost ($) Value ($) of Shares Security Cost ($) Value ($) 4,200 SUMCO Corporation 117,373 117,283 2,000 Yakult Honsha Co., Ltd. 132,005 128,332 25,500 Sumitomo Chemical Company, Ltd. 124,200 130,584 12,700 Yamada Holdings Co., Ltd. 69,772 85,879 19,700 Sumitomo Corp. 297,664 331,939 2,300 Yamaha Corp. 84,451 172,273 2,700 Sumitomo Dainippon Pharma Co., Ltd. 53,231 50,742 4,900 Yamaha Motor Co., Ltd. 100,528 127,216 12,200 Sumitomo Electric Industries, Ltd. 180,749 205,717 5,100 Yamato Holdings Co., Ltd. 114,024 165,574 3,900 Sumitomo Metal Mining Co., Ltd. 133,655 220,361 2,000 Yamazaki Baking Co., Ltd. 46,628 42,547 21,300 Sumitomo Mitsui Financial Group, Inc. 886,468 837,912 4,000 Yaskawa Electric Corp. 74,321 253,208 5,300 Sumitomo Mitsui Trust Holdings, Inc. 230,970 207,775 4,000 Yokogawa Electric Corporation 56,863 101,382 4,900 Sumitomo Realty & Development Co., Ltd. 190,604 192,336 42,100 Z Holdings Corporation 187,821 324,374 1,200 Sundrug Co., Ltd. 68,134 61,007 2,000 ZOZO, Inc. 48,830 62,907 2,400 Suntory Beverage & Food Limited 129,095 108,095 55,577,440 82,636,067 1,100 Suzuken Co., Ltd. 41,296 50,629 6,100 Suzuki Motor Corporation 242,021 359,948 Jersey (0.1% of Net Assets) 2,700 Sysmex Corporation 163,114 413,129 12,575 Amcor PLC 181,785 188,562 8,500 T&D Holdings, Inc. 126,287 127,647 2,151 Aptiv PLC 155,600 357,043 2,200 Taiheiyo Cement Corporation 71,500 70,012 3,577 Ferguson PLC 230,739 553,413 3,200 Taisei Corp. 94,596 140,375 160,067 Glencore PLC 734,706 649,501 600 Taisho Pharmaceutical Holdings Co., Ltd. 63,326 51,456 20,303 WPP PLC 408,508 282,860 25,532 Takeda Pharmaceutical Company Ltd. 1,311,490 1,183,028 1,711,338 2,031,379 2,100 TDK Corporation 145,043 402,690 Liberia (0.0% of Net Assets) 2,700 Teijin Limited 51,830 64,635 1,408 Royal Caribbean Cruises, Ltd. 149,998 133,978 10,300 Terumo Corporation 267,250 548,045 800 The Bank of Kyoto, Ltd. 41,635 53,011 Luxembourg (0.1% of Net Assets) 9,400 The Chiba Bank, Ltd. 64,057 65,884 11,205 ArcelorMittal SA 397,511 329,765 4,400 The Chugoku Electric Power Co., Inc. 75,071 65,642 18,996 Aroundtown SA 218,297 181,220 11,900 The Kansai Electric Power Company, Inc. 191,206 142,979 1,960 Eurofins Scientific SE 123,570 209,682 7,500 The Shizuoka Bank, Ltd. 82,597 69,965 6,536 SES SA FDR 181,228 78,613 2,000 THK Co., Ltd. 52,873 82,182 6,872 Tenaris SA 124,449 70,957 3,400 TIS Inc. 100,197 88,692 1,045,055 870,237 3,200 Tobu Railway Co., Ltd. 107,959 121,421 1,900 Toho Co., Ltd. 66,567 101,987 Netherlands (1.1% of Net Assets) 1,200 TOHO Gas Company, Ltd. 46,124 101,135 7,321 ABN AMRO Bank NV CVA 200,097 91,524 7,300 Tohoku Electric Power Co., Inc. 122,059 76,567 290 Adyen NV 395,957 861,160 10,100 Tokio Marine Holdings, Inc. 443,463 661,535 30,180 Aegon NV 156,145 152,189 800 Tokyo Century Corporation 57,987 80,750 9,396 Airbus SE 727,144 1,314,964 24,300 Tokyo Electric Power Co., Inc. 235,340 81,560 3,190 Akzo Nobel NV 264,391 436,891 2,400 Tokyo Electron, Ltd. 273,324 1,137,216 8,304 Altice Europe NV Cl. A 64,229 68,967 6,000 Tokyo Gas Co., Ltd. 167,028 176,505 722 Argenx SE 218,767 272,360 8,100 Tokyu Corporation 110,135 128,037 6,895 ASML Holding NV 1,046,801 4,272,845 9,900 Tokyu Fudosan Holdings Corporation 94,464 67,189 17,092 CNH Industrial NV 213,535 275,090 4,600 Toppan Printing Co., Ltd. 86,873 82,589 9,337 Davide Campari-Milano NV 127,123 135,939 22,600 Toray Industries, Inc. 194,856 170,364 1,767 EXOR NV 79,493 182,397 5,900 Toshiba Corp. 235,843 210,038 1,985 Ferrari NV 190,134 583,725 4,000 Tosoh Corporation 91,958 79,368 17,678 Fiat Chrysler Automobiles NV 253,781 403,978 2,400 Toto, Ltd. 90,387 183,613 1,806 Heineken Holding NV 153,272 216,911 1,400 Toyo Suisan Kaisha, Ltd. 48,276 86,723 4,259 Heineken NV 408,944 605,604 1,200 Toyoda Gosei Co., Ltd. 32,853 44,348 64,022 ING Groep NV 953,432 762,554 2,300 Toyota Industries Corp. 107,827 232,441 1,803 Just Eat Takeaway.com NV 238,943 259,692 34,400 Toyota Motor Corporation 2,244,801 3,377,600 18,044 Koninklijke Ahold Delhaize NV 425,300 650,016 3,400 Toyota Tsusho Corporation 99,356 174,741 2,824 Koninklijke DSM NV 211,952 619,810 2,100 Trend Micro Incorporated 91,502 153,924 14,759 Koninklijke Philips NV 495,455 1,007,219 600 Tsuruha Holdings, Inc. 86,200 108,687 56,024 Koninklijke (Royal) KPN NV 273,139 217,191 6,400 Unicharm Corporation 193,549 386,337 1,216 Koninklijke Vopak NV 72,246 81,488 47 United Urban Investment Corporation 81,108 74,003 2,070 LyondellBasell Industries NV Cl. A 175,156 241,724 3,400 USS Co., Ltd. 59,483 87,517 4,851 NN Group NV 171,784 268,669 1,600 Welcia Holdings Co., Ltd. 57,165 76,900 7,976 Prosus NV 813,443 1,098,581 2,700 West Japan Railway Company 181,820 179,878

12 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Number Average Fair Number Average Fair of Shares Security Cost ($) Value ($) of Shares Security Cost ($) Value ($) 3,636 Qiagen NV 119,385 240,598 28,500 Suntec REIT 50,563 40,934 1,967 Randstad NV 108,389 163,243 18,785 United Overseas Bank, Ltd. 330,056 409,054 10,192 STMicroelectronics NV 144,599 481,068 7,884 UOL Group Limited 43,824 58,594 4,492 Wolters Kluwer NV 202,481 483,568 3,700 Venture Corporation, Ltd. 75,213 69,263 8,905,517 16,449,965 30,900 Wilmar International, Ltd. 110,516 138,505 2,865,307 3,292,320 New Zealand (0.1% of Net Assets) 21,495 Auckland International Airport Limited 86,881 149,454 Spain (0.5% of Net Assets) 8,441 Fisher & Paykel Healthcare 4,444 ACS Actividades de Construccion y Corporation Limited 102,047 255,279 Servicios SA 177,401 188,077 5,000 Mercury NZ, Ltd. 17,558 29,949 1,062 Aena SME, SA 157,241 235,405 14,421 Meridian Energy Limited 29,013 98,153 7,090 Amadeus IT Group, SA 359,782 658,252 5,511 Ryman Healthcare Limited 47,577 76,787 109,616 Banco Bilbao Vizcaya Argentaria SA 1,018,799 689,459 24,728 Spark New Zealand Limited 61,401 106,608 283,464 Banco Santander, SA 2,011,240 1,121,452 12,467 The a2 Milk Company Limited 145,430 138,029 58,113 Caixabank, SA 269,266 190,323 1,952 Xero Limited 246,971 281,744 5,239 Cellnex Telecom, SA 260,877 401,142 736,878 1,136,003 3,977 Enagas SA 121,005 111,371 5,141 Endesa, SA 134,050 179,109 Norway (0.1% of Net Assets) 7,791 Ferrovial, SA 170,140 274,469 3,876 Adevinta ASA Cl. B 95,012 83,051 4,657 Grifols, SA 112,133 173,353 15,749 DnB ASA 281,123 393,694 96,014 Iberdrola SA 816,955 1,751,102 16,548 Equinor ASA 371,418 356,911 17,882 Industria de Diseno Textil, SA 562,840 725,852 3,463 Gjensidige Forsikring ASA 68,021 98,626 4,825 Naturgy Energy Group SA 116,259 142,602 7,372 Mowi ASA 182,814 209,515 6,796 Red Electrica Corporacion, SA 147,101 17 7,708 23,551 Norsk Hydro ASA 132,163 139,683 24,705 Repsol SA 505,665 317,709 12,624 Orkla ASA 123,542 163,423 24,705 Repsol SA, Rights (Exp. 01/26/21) 11,065 10,810 1,280 Schibsted ASA Cl. B 55,809 60,910 3,874 Siemens Gamesa Renewable Energy SA 111,830 199,824 11,966 Telenor ASA 268,182 259,777 84,406 Telefonica SA 1,177,688 426,952 2,987 Yara International ASA 156,146 158,228 8,241,337 7,974,971 1,734,230 1,923,818 Sweden (0.7% of Net Assets) Papua New Guinea (0.0% of Net Assets) 5,007 Alfa Laval AB 116,907 175,774 35,246 Oil Search Limited 196,842 128,551 16,497 ASSA ABLOY AB Series B 304,321 518,229 11,030 Atlas Copco AB Series A 338,729 720,530 Portugal (0.0% of Net Assets) 6,473 Atlas Copco AB Series B 198,713 369,827 25,680 Banco Espirito Santo, SA 34,968 74 4,478 Boliden AB 102,403 202,425 39,600 EDP - Energias de Portugal SA 173,747 318,272 3,101 Electrolux AB NPV Series B 89,262 92,050 7,303 Galp Energia, SGPS, SA Cl. B 144,812 99,655 10,418 Epiroc AB Cl. A 138,369 241,854 3,312 Jeronimo Martins, SGPS, SA 63,429 71,349 6,466 Epiroc AB Cl. B 82,936 139,425 416,956 489,350 3,606 EQT AB 78,825 117,696 Singapore (0.2% of Net Assets) 9,984 Essity AB Cl. B 372,278 409,658 1,995 Evolution Gaming Group AB 162,726 258,355 43,848 Ascendas Real Estate Investment Trust 101,240 125,956 1,628 Fastighets AB Balder Series B 105,810 108,318 63,730 CapitaLand Integrated Commercial Trust 120,540 132,694 12,857 Hennes & Mauritz AB Series B 479,367 343,052 43,821 CapitaLand Limited 116,527 138,551 4,203 Hexagon AB Series B 170,678 488,873 6,600 City Developments, Ltd. 66,232 50,705 5,519 Husqvarna AB Series B 46,658 91,180 28,547 DBS Group Holdings Limited 406,530 689,045 1,556 ICA Gruppen AB 75,219 99,183 102,100 Genting Singapore, Ltd. 91,134 83,656 1,718 Industrivarden AB Series A 69,006 73,077 23,200 Keppel Corporation Limited 161,125 120,316 2,552 Industrivarden AB Series C 60,304 105,108 35,500 Mapletree Commercial Trust 78,970 72,889 2,173 Investment AB Latour Series B 53,862 67,318 40,861 Mapletree Logistics Trust 81,863 79,170 7,486 Investor AB Series B 292,278 695,846 52,156 Oversea-Chinese Banking Corporation 4,002 Kinnevik AB Cl. B 124,385 257,952 Limited 377,173 505,773 1,327 L E Lundbergforetagen AB Series B 58,076 90,700 18,750 Singapore Airlines Limited 103,065 77,357 3,096 Lundin Petroleum AB 93,102 106,766 12,800 Singapore Exchange Limited 91,011 114,501 4,872 NIBE Industrier AB Cl. B 149,434 203,835 26,100 Singapore Technologies Engineering Ltd. 74,251 96,107 17,929 Sandvik AB NPV 259,560 559,875 129,900 Singapore Telecommunications Limited 385,474 289,250 4,709 Securitas AB Series B 67,366 96,974

13 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Number Average Fair Number Average Fair of Shares Security Cost ($) Value ($) of Shares Security Cost ($) Value ($) 26,013 Skandinaviska Enskilda Banken AB 1,094 Temenos AG 210,892 194,963 Series A 310,640 340,988 446 The Swatch Group AG Bearer Shares 193,125 155,236 5,560 Skanska AB Series B 112,795 180,869 749 The Swatch Group AG Registered 71,586 50,478 6,217 SKF AB Series B 145,151 205,810 58,903 UBS Group AG 1,177,640 1,058,633 9,498 Svenska Cellulosa AB (SCA) Series B 163,782 211,140 695 Vifor Pharma AG 133,233 139,233 25,740 Svenska Handelsbanken AB Series A 363,104 329,822 2,443 Zurich Insurance Group AG 851,000 1,315,091 14,500 Swedbank AB Series A 320,253 324,178 22,249,891 33,080,938 2,724 Swedish Match AB 119,561 269,515 7,890 Tele2 AB Series B 118,216 132,923 United Kingdom (2.8% of Net Assets) 46,921 Telefonaktiebolaget LM Ericsson Series B 551,555 710,700 15,616 3i Group PLC 132,411 314,920 39,778 Telia Company AB 272,759 209,557 3,118 Admiral Group PLC 89,865 157,795 24,468 Volvo AB Cl. B 380,061 735,603 19,735 Anglo American PLC 553,405 833,261 6,948,451 10,284,985 6,788 Antofagasta PLC 102,269 170,285 7,303 Ashtead Group PLC 168,861 437,249 Switzerland (2.1% of Net Assets) 5,743 Associated British Foods PLC 219,524 226,432 29,621 ABB, Ltd. 725,550 1,054,907 21,154 AstraZeneca PLC 1,652,124 2,698,129 2,411 Adecco Group AG, Registered Shares 175,275 205,574 16,503 Auto Trader Group PLC 121,238 171,290 7,876 Alcon Inc. 597,836 667,913 1,877 Aveva Group PLC 112,666 104,666 721 Baloise Holding AG 96,374 163,666 64,830 Aviva PLC 472,066 367,154 439 Banque Cantonale Vaudoise 57,497 60,930 52,675 BAE Systems PLC 421,385 448,392 46 Barry Callebaut AG 92,351 139,491 284,283 Barclays PLC 1,017,981 726,179 18 Chocoladefabriken Lindt & Spruengli AG 120,252 223,885 16,613 Barratt Developments PLC 171,108 193,841 2 Chocoladefabriken Lindt & Spruengli AG 33,852 BHP Group PLC 921,679 1,134,846 Registered Shares 220,890 254,814 325,206 BP PLC 2,233,623 1,443,045 3,711 Chubb, Ltd. 507,724 727,705 36,713 British American Tobacco PLC 2,291,604 1,731,372 2,954 Clariant AG 97,821 80,126 14,655 British Land Company PLC 141,049 124,801 3,100 Coca-Cola HBC AG DI 89,063 128,325 133,980 BT Group PLC 683,645 308,573 8,369 Compagnie Financiere Richemont SA 5,282 Bunzl PLC 138,597 224,721 Series A 701,543 965,916 6,616 Burberry Group PLC 157,727 206,181 16,738 Compagnie Financiere Richemont SA, Warrants (Exp. 11/22/23) 5,267 5,548 3,228 Coca-Cola European Partners PLC 165,746 199,698 40,074 Credit Suisse Group AG 890,953 658,430 28,681 Compass Group PLC 548,421 680,788 127 Ems-Chemie Holding AG Registered 79,460 156,133 2,088 Croda International Public Limited Co. 98,154 239,846 1,261 Garmin, Ltd. 81,374 192,235 37,819 Diageo PLC 1,249,098 1,895,495 591 Geberit AG 221,809 472,058 23,403 Direct Line Insurance Group PLC 118,202 130,012 148 Givaudan SA 325,317 795,632 7,671 Evraz PLC 77,366 63,001 3,750 Julius Baer Group, Ltd. 201,236 275,641 14,529 Experian PLC 325,661 702,641 847 Kuehne & Nagel International AG 136,556 245,126 80,661 GlaxoSmithKline PLC 2,025,029 1,885,115 8,371 LafargeHolcim, Ltd. Registered Shares 534,175 585,861 6,101 Halma PLC 188,758 260,203 2,595 Logitech International SA 211,282 321,346 5,277 Hargreaves Lansdown PLC 114,512 140,145 1,197 Lonza Group AG 287,216 981,286 2,227 Hikma Pharmaceuticals PLC 97,840 97,656 46,460 Nestlé SA 4,082,973 6,981,338 327,267 HSBC Holdings PLC 3,008,080 2,159,192 35,842 Novartis AG 3,324,299 4,321,156 15,570 Imperial Brands PLC 699,273 416,352 298 Partners Group Holding AG 171,186 446,675 19,656 Informa PLC 277,770 187,927 11,337 Roche Holding AG 3,325,841 5,048,918 2,711 InterContinental Hotels Group PLC 129,398 221,424 636 Schindler Holding AG Participation 2,688 Intertek Group PLC 142,848 264,390 Certificate 100,783 218,710 29,115 J Sainsbury PLC 139,310 114,337 305 Schindler Holding AG Registered Shares 65,250 104,797 7,120 JD Sports Fashion PLC 94,729 106,635 96 SGS SA 249,483 369,423 3,315 Johnson Matthey PLC 154,735 139,996 6,166 Siemens Energy AG 211,645 288,347 35,077 Kingfisher PLC 158,617 165,178 2,272 Sika AG 217,935 791,783 11,547 Land Securities Group PLC 188,580 135,495 865 Sonova Holding AG 152,694 286,738 98,548 Legal & General Group PLC 346,250 456,854 162 Straumann Holding AG 130,984 240,839 1,148,544 Lloyds Banking Group PLC 1,268,987 728,866 504 Swiss Life Holding AG 154,917 299,565 5,159 London Stock Exchange Group PLC 263,487 809,312 1,168 Swiss Prime Site AG 113,032 146,287 41,212 M&G PLC 152,714 142,070 4,708 Swiss Re AG 442,026 565,499 79,300 Melrose Industries PLC 300,830 245,888 410 Swisscom AG 237,051 281,926 8,118 Mondi PLC 236,945 243,093 2,676 TE Connectivity Limited 175,495 412,755 56,910 National Grid PLC 750,771 857,288

14 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Number Average Fair Number Average Fair of Shares Security Cost ($) Value ($) of Shares Security Cost ($) Value ($) 81,366 Natwest Group PLC 391,757 237,557 2,203 Alliant Energy Corporation 118,940 144,625 2,157 Next PLC 159,105 266,179 2,437 Alphabet Inc. Cl. A 2,388,339 5,441,488 2,979 Nielsen Holdings PLC 144,480 79,207 2,353 Alphabet Inc. Cl. C 1,626,445 5,251,649 7,351 Ocado Group PLC 152,768 292,775 14,963 Altria Group, Inc. 785,835 781,577 12,780 Pearson PLC 217,050 151,432 3,452 Amazon.com, Inc. 3,607,542 14,323,483 5,351 Persimmon PLC 141,980 257,849 1,994 Ameren Corp. 100,181 198,300 8,834 Phoenix Group Holdings PLC 109,553 107,783 3,114 American Airlines Group Inc. 214,728 62,563 41,764 Prudential PLC 894,019 979,696 4,056 American Electric Power Company, Inc. 280,508 430,285 11,409 Reckitt Benckiser Group PLC 1,075,532 1,299,810 5,251 American Express Company 434,071 808,861 30,689 RELX PLC 555,730 958,081 6,982 American International Group, Inc. 345,726 336,767 29,731 Rentokil Initial PLC 190,909 263,852 3,583 American Tower Corporation 474,454 1,024,602 18,129 Rio Tinto PLC 1,025,478 1,726,963 1,464 American Water Works Co., Inc. 143,147 286,242 126,858 Rolls-Royce Holdings PLC 450,382 245,776 981 Ameriprise Financial, Inc. 115,979 242,872 66,559 Royal Dutch Shell PLC Cl. A 1,766,570 1,504,307 1,142 AmerisourceBergen Corporation 78,891 142,232 59,449 Royal Dutch Shell PLC Cl. B 2,055,857 1,303,857 1,859 AMETEK, Inc. 115,723 286,430 16,856 RSA Insurance Group PLC 142,511 198,848 4,703 Amgen Inc. 738,961 1,377,594 2,065 Schroders PLC 89,811 120,005 2,405 Amphenol Corp. Cl. A 118,141 400,675 17,836 SEGRO PLC 117,699 294,337 2,017 Analog Devices, Inc. 172,278 379,616 3,999 Severn Trent PLC 134,286 159,411 682 Ansys Inc. 131,552 316,094 14,431 Smith & Nephew PLC 259,651 379,486 2,002 Anthem, Inc. 342,075 818,955 6,243 Smiths Group PLC 142,947 163,571 3,555 Apache Corporation 279,803 64,267 1,190 Spirax-Sarco Engineering PLC 175,620 234,075 129,296 Apple Inc. 4,238,299 21,857,109 17,065 SSE PLC 309,249 445,779 7,354 Applied Materials, Inc. 235,990 808,544 8,753 St. James's Place PLC 158,466 172,783 4,489 Archer-Daniels-Midland Company 199,480 288,294 470 Arista Networks, Inc. 182,494 173,988 42,302 Standard Chartered PLC 615,911 343,222 1,610 Arthur J. Gallagher & Co. 102,968 253,747 38,098 Standard Life Aberdeen PLC 247,395 186,635 511 Assurant, Inc. 38,841 88,681 51,509 Taylor Wimpey PLC 172,494 148,727 57,666 AT&T Inc. 2,344,936 2,112,896 3,970 TechnipFMC PLC 181,380 47,543 1,000 Atmos Energy Corporation 127,814 121,578 156,327 Tesco PLC 697,713 629,969 1,801 Autodesk, Inc. 174,677 700,595 2,028 The Berkeley Group Holdings PLC 119,879 167,475 3,451 Automatic Data Processing, Inc. 363,014 774,676 17,540 The Sage Group PLC 147,348 177,777 189 AutoZone, Inc. 132,287 285,437 42,516 Unilever PLC 2,826,925 3,270,223 1,092 Avalonbay Communities, Inc. 194,733 223,192 11,008 United Utilities Group PLC 144,088 171,575 716 Avery Dennison Corporation 28,590 141,489 428,374 Vodafone Group PLC 1,703,854 902,225 5,900 Baker Hughes Company 285,478 156,721 3,418 Whitbread PLC 151,682 184,525 2,640 Ball Corporation 96,699 313,398 37,948 WM Morrison Supermarkets PLC 149,426 117,204 61,611 Bank of America Corporation 1,266,280 2,379,105 43,144,443 43,902,548 4,170 Baxter International Inc. 263,015 426,281 United States (20.4% of Net Assets) 2,334 Becton, Dickinson and Company 507,555 744,033 15,773 Berkshire Hathaway Inc. Cl. B 2,706,048 4,659,382 4,653 3M Company 767,565 1,036,141 1,829 Best Buy Co., Inc. 95,935 232,525 1,068 A.O. Smith Corporation 73,497 74,590 1,229 Biogen Inc. 329,125 383,389 14,338 Abbott Laboratories 806,444 2,000,011 168 Bio-Rad Laboratories, Inc. Cl. A 103,009 124,768 14,281 AbbVie Inc. 1,100,292 1,949,486 1,144 BlackRock, Inc. 536,413 1,051,613 336 ABIOMED, Inc. 168,148 138,778 328 Booking Holdings Inc. 434,264 930,714 6,339 Activision Blizzard, Inc. 363,371 749,846 2,040 BorgWarner Inc. 95,050 100,424 3,883 Adobe Inc. 533,624 2,474,065 1,113 Boston Properties, Inc. 149,949 134,040 553 Advance Auto Parts, Inc. 115,246 110,969 11,730 Boston Scientific Corporation 285,671 537,238 9,638 Advanced Micro Devices Incorporated 278,196 1,126,090 18,104 Bristol-Myers Squibb Company 1,148,177 1,430,691 5,357 AFLAC Incorporated 205,318 303,500 3,271 Broadcom Inc. 620,817 1,824,632 2,504 Agilent Technologies, Inc. 123,801 377,994 953 Broadridge Financial Solutions Inc. 143,678 186,003 1,815 Air Products and Chemicals Inc. 294,512 631,769 1,520 Brown Forman Corp. Cl. B 56,049 153,815 1,347 Akamai Technologies, Inc. 78,265 180,171 1,170 C.H. Robinson Worldwide, Inc. 91,950 139,921 1,000 Alaska Air Group, Inc. 84,084 66,248 2,480 Cabot Oil & Gas Corporation 60,720 51,437 920 Albemarle Corporation 94,713 172,905 2,308 Cadence Design Systems Inc. 116,466 401,158 940 Alexandria Real Estate Equities, Inc. 143,542 213,429 1,355 Campbell Soup Co. 64,010 83,465 1,771 Alexion Pharmaceuticals Inc. 277,146 352,517 3,780 Capital One Financial Corporation 284,502 476,034 577 Align Technology, Inc. 130,651 392,822 2,255 Cardinal Health, Inc. 147,580 153,871

15 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Number Average Fair Number Average Fair of Shares Security Cost ($) Value ($) of Shares Security Cost ($) Value ($) 1,329 CarMax, Inc. 61,541 159,935 1,200 Discovery, Inc. Cl. A 52,247 46,002 5,801 Carnival Corporation 231,504 160,078 2,663 Discovery, Inc. Cl. C 94,446 88,854 6,481 Carrier Global Corp. 122,475 311,446 2,118 DISH Network Corp. Cl. A 172,860 87,264 1,359 Catalent, Inc. 152,039 180,183 1,965 Dollar General Corp. 189,019 526,467 4,330 Caterpillar Inc. 488,875 1,004,099 1,864 Dollar Tree, Inc. 156,844 256,566 895 Cboe Global Markets, Inc. 98,282 106,178 6,555 Dominion Energy, Inc. 526,413 628,000 2,578 CBRE Group, Inc. Cl. A 92,323 205,996 300 Domino's Pizza, Inc. 158,761 146,558 1,137 CDW Corporation 179,591 190,903 1,153 Dover Corporation 74,047 185,451 977 Celanese Corporation, Series A 115,074 161,736 6,029 Dow Inc. 316,642 426,293 4,735 Centene Corporation 304,043 362,124 1,623 DTE Energy Company 151,918 251,040 3,988 CenterPoint Energy, Inc. 104,542 109,947 6,046 Duke Energy Corporation 531,878 705,250 8,504 Centurylink Inc. 269,175 105,632 3,000 Duke Realty Corporation 104,071 152,765 2,464 Cerner Corporation 152,549 246,359 6,000 DuPont de Nemours Inc. 441,724 543,565 1,701 CF Industries Holdings, Inc. 74,723 83,887 2,024 DXC Technology Co. 143,680 66,398 1,176 Charter Communications, Inc. Cl. A 465,844 991,150 1,050 Eastman Chemical Company 64,628 134,145 15,567 Chevron Corporation 2,034,465 1,674,843 5,392 eBay Inc. 149,748 345,188 219 Chipotle Mexican Grill, Inc. 122,068 386,900 2,030 Ecolab Inc. 252,680 559,555 2,100 Church & Dwight Co., Inc. 124,287 233,375 2,991 Edison International 196,994 239,378 2,907 Cigna Corporation 511,615 770,998 5,076 Edwards Lifesciences Corporation 172,623 589,968 1,243 Cincinnati Financial Corp. 65,129 138,358 2,361 Electronic Arts Inc. 172,066 431,936 681 Cintas Corporation 77,223 306,660 6,415 Eli Lilly and Company 566,758 1,379,880 34,182 Cisco Systems, Inc. 1,160,317 1,948,767 4,881 Emerson Electric Co. 317,591 499,772 16,813 Citigroup Inc. 984,685 1,320,743 1,619 Entergy Corporation 150,835 205,931 3,535 Citizens Financial Group, Inc. 131,721 161,048 4,733 EOG Resources, Inc. 430,851 300,708 986 Citrix Systems, Inc. 75,195 163,427 979 Equifax Inc. 92,026 240,519 1,016 Clorox Company 113,904 261,362 729 Equinix, Inc. 341,678 663,292 2,951 CME Group Inc. Cl. A 397,744 684,430 2,744 Equity Residential 201,093 207,234 2,294 CMS Energy Corp. 84,158 178,305 508 Essex Property Trust, Inc. 120,600 153,656 4,415 Cognizant Technology Solutions 988 Etsy, Inc. 145,541 223,937 Corporation Cl. A 257,436 460,945 1,784 Evergy, Inc. 126,780 126,164 7,050 Colgate-Palmolive Company 497,388 768,025 2,723 Eversource Energy 164,190 300,112 36,959 Comcast Corporation Cl. A 1,096,521 2,467,294 7,960 Exelon Corporation 357,571 428,155 1,146 Comerica Inc. 54,695 81,556 1,071 Expedia Group, Inc. 129,029 180,654 3,824 Conagra Brands, Inc. 137,598 176,651 1,320 Expeditors International of 1,635 Concho Resources Inc. 258,599 121,542 Washington, Inc. 61,124 159,945 8,787 ConocoPhillips Company 555,313 447,674 970 Extra Space Storage Inc. 122,216 143,177 2,866 Consolidated Edison Inc. 216,223 263,878 34,201 Exxon Mobil Corporation 3,221,542 1,796,041 1,368 Constellation Brands, Inc. Cl. A 188,124 381,767 553 F5 Networks, Inc. 70,785 123,954 1,645 Copart, Inc. 124,521 266,682 19,393 Facebook, Inc. Cl. A 2,572,598 6,748,877 6,104 Corning Incorporated 142,151 279,954 4,632 Fastenal Company 100,217 288,154 6,030 Corteva, Inc. 183,389 297,456 620 Federal Realty Investment Trust 123,260 67,235 3,567 Costco Wholesale Corporation 648,623 1,712,223 1,926 FedEx Corporation 301,497 637,036 3,435 Crown Castle International Corp. 374,284 696,646 4,999 Fidelity National Information 6,288 CSX Corporation 268,248 726,990 Services, Inc. 622,042 900,920 1,196 Cummins Inc. 181,157 346,033 5,806 Fifth Third Bancorp 142,137 203,931 10,551 CVS Health Corporation 870,254 918,087 1,400 First Republic Bank 166,094 262,064 2,652 D.R. Horton, Inc. 88,736 232,856 4,674 FirstEnergy Corp. 222,313 182,273 5,109 Danaher Corporation 453,045 1,445,879 4,472 Fiserv, Inc. 339,173 648,698 988 Darden Restaurants, Inc. 69,625 149,938 676 FleetCor Technologies Inc. 197,484 234,968 568 DaVita Inc. 41,048 84,954 1,097 FLIR Systems, Inc. 33,119 61,256 2,568 Deere & Company 310,182 880,233 1,044 Flowserve Corporation 51,396 49,013 4,751 Delta Air Lines, Inc. 188,757 243,382 1,103 FMC Corporation 53,795 161,502 1,781 Dentsply Sirona, Inc. 117,429 118,805 31,591 Ford Motor Company 440,186 353,771 3,504 Devon Energy Corporation 199,518 70,577 1,077 Fortinet Inc. 115,652 203,798 756 Dexcom Inc. 446,573 356,094 2,790 Fortive Corporation 171,363 251,727 1,357 Diamondback Energy, Inc. 198,329 83,675 1,070 Fortune Brands Home & Security Inc. 77,970 116,852 2,195 Digital Realty Trust, Inc. 316,053 390,130 2,561 Fox Corporation Cl. A 141,445 95,010 2,576 Discover Financial Services 124,043 297,104 1,482 Fox Corporation Cl. B 81,519 54,527

16 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Number Average Fair Number Average Fair of Shares Security Cost ($) Value ($) of Shares Security Cost ($) Value ($) 2,165 Franklin Resources, Inc. 98,105 68,928 15,816 Kinder Morgan, Inc. Cl. P 523,261 275,445 11,712 Freeport-McMoRan Inc. 306,467 388,247 1,262 KLA Corporation 97,216 416,272 703 Gartner, Inc. 103,338 143,470 2,041 L Brands, Inc. 126,027 96,703 1,896 General Dynamics Corporation 269,029 359,475 1,678 L3Harris Technologies, Inc. 187,280 404,082 70,197 General Electric Company 1,656,594 965,855 784 Laboratory Corporation of America 4,952 General Mills, Inc. 275,868 370,960 Holdings 97,559 203,309 10,025 General Motors Company 413,257 531,820 1,158 Lam Research Corporation 162,355 696,736 1,181 Genuine Parts Company 93,800 151,106 1,200 Lamb Weston Holdings, Inc. 122,336 120,378 10,088 Gilead Sciences, Inc. 746,250 748,764 2,700 Las Vegas Sands Corp. 198,115 205,012 2,456 Global Payments Inc. 247,325 674,037 1,090 Leggett & Platt, Incorporated 36,765 61,518 727 Globe Life Inc. 25,524 87,952 1,169 Leidos Holdings, Inc. 131,596 156,556 6,922 Halliburton Company 327,389 166,672 2,216 Lennar Corporation Cl. A 122,445 215,211 3,160 Hanesbrands, Inc. 134,138 58,697 1,372 Lincoln National Corporation 77,297 87,938 1,019 Hasbro, Inc. 64,616 121,434 1,279 Live Nation Entertainment, Inc. 120,504 119,732 2,151 HCA Healthcare, Inc. 224,372 450,682 2,439 LKQ Corporation 103,678 109,501 4,146 Healthpeak Properties, Inc. 169,528 159,675 1,984 Lockheed Martin Corporation 462,806 897,253 1,204 Henry Schein, Inc. 89,025 102,556 2,060 Loews Corporation 90,722 118,152 2,254 Hess Corporation 155,346 151,592 5,916 Lowe's Companies, Inc. 409,403 1,209,761 10,133 Hewlett Packard Enterprise Company 131,686 152,977 1,021 M&T Bank Corporation 139,936 165,586 2,234 Hilton Worldwide Holdings Inc. 206,240 316,659 6,379 Marathon Oil Corporation 150,414 54,206 1,282 HollyFrontier Corporation 122,289 42,220 5,258 Marathon Petroleum Corporation 316,171 277,058 2,018 Hologic, Inc. 92,049 187,241 299 MarketAxess Holdings Inc. 130,251 217,341 5,671 Honeywell International Inc. 652,851 1,536,726 2,201 Marriott International, Inc. Cl. A 186,596 369,913 2,214 Hormel Foods Corporation 68,287 131,470 3,999 Marsh & McLennan Companies, Inc. 287,983 596,083 5,767 Host Hotels & Resorts Inc. 114,257 107,489 515 Martin Marietta Materials, Inc. 91,193 186,316 3,076 Howmet Aerospace Inc. 104,087 111,843 2,289 Masco Corporation 44,343 160,186 11,370 HP Inc. 382,099 356,195 7,125 MasterCard Incorporated Cl. A 839,689 3,240,034 1,086 Humana Inc. 202,623 567,635 3,841 Maxim Integrated Products, Inc. 321,276 433,803 8,360 Huntington Bancshares Incorporated 88,346 134,518 1,996 McCormick & Company, Incorporated 85,359 243,102 325 Huntington Ingalls Industries Inc. 92,666 70,587 6,024 McDonald's Corporation 816,250 1,646,811 625 IDEX Corporation 133,667 158,613 1,274 McKesson Corporation 202,232 282,285 690 IDEXX Laboratories, Inc. 121,593 439,416 20,471 Merck & Co., Inc. 1,296,457 2,133,348 2,360 Illinois Tool Works Inc. 256,952 612,994 6,265 MetLife, Inc. 300,457 374,737 1,208 Illumina, Inc. 322,308 569,427 192 Mettler Toledo International Inc. 108,614 278,775 1,408 Incyte Corporation 232,182 156,024 3,389 MGM Resorts International 143,472 136,047 2,943 Ingersoll Rand Inc. 129,854 170,822 1,998 Microchip Technology Incorporated 123,443 351,552 33,161 Intel Corporation 1,288,433 2,104,751 9,142 Micron Technology, Inc. 269,749 875,615 4,494 Intercontinental Exchange, Inc. 261,339 660,076 61,154 Microsoft Corporation 4,484,644 17,328,786 7,192 International Business Machines Corp. 1,264,515 1,153,389 950 Mid-America Apartment Communities, Inc. 116,598 153,333 915 International Flavors & Fragrances Inc. 104,111 126,879 470 Mohawk Industries, Inc. 90,236 84,398 3,202 International Paper Company 155,521 202,825 1,561 Molson Coors Brewing Company Cl. B 120,709 89,870 2,151 Intuit Inc. 302,436 1,040,931 11,441 Mondelez International Inc. Cl. A 478,968 852,249 961 Intuitive Surgical, Inc. 310,653 1,001,611 3,045 Monster Beverage Corporation 152,048 358,760 269 IPG Photonics Corporation 82,648 76,694 1,322 Moodys Corporation 161,668 488,830 1,583 IQVIA Holdings Inc. 234,722 361,340 11,521 Morgan Stanley 419,142 1,005,866 2,305 Iron Mountain Incorporated 85,772 86,570 1,346 Motorola Solutions, Inc. 114,109 291,620 720 J.B. Hunt Transport Services, Inc. 73,931 125,346 692 MSCI Inc. Cl. A 144,361 393,664 604 Jack Henry & Associates, Inc. 115,266 124,651 915 Nasdaq, Inc. 55,790 154,736 1,102 Jacobs Engineering Group Inc. 75,870 152,974 3,382 National Oilwell Varco, Inc. 201,758 59,158 21,334 Johnson & Johnson 2,537,113 4,277,512 1,842 Netapp Inc. 90,857 155,446 24,698 JPMorgan Chase & Co. 1,894,406 3,998,290 3,576 Netflix, Inc. 561,378 2,463,471 2,643 Juniper Networks, Inc. 72,282 75,795 3,253 Newell Brands Inc. 123,468 87,984 781 Kansas City Southern 93,971 203,108 6,588 Newmont Corporation 307,334 502,663 2,162 Kellogg Co. 148,653 171,406 3,043 News Corporation Cl. A 32,225 69,666 8,038 KeyCorp 106,506 168,045 870 News Corporation Cl. B 14,729 19,696 1,502 Keysight Technologies, Inc. 128,842 252,761 15,833 NextEra Energy, Inc. 574,982 1,556,211 2,794 Kimberly-Clark Corporation 336,249 479,935 10,148 Nike Inc. Cl. B 558,743 1,829,002 3,419 Kimco Realty Corp. 87,000 65,381

17 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Number Average Fair Number Average Fair of Shares Security Cost ($) Value ($) of Shares Security Cost ($) Value ($) 3,313 NiSource Inc. 98,247 96,824 2,894 Ross Stores Inc. 155,022 452,795 1,999 Norfolk Southern Corporation 249,594 605,128 1,937 S&P Global, Inc. 254,227 811,220 1,661 Northern Trust Corporation 129,522 197,095 7,379 Salesforce.com, Inc. 889,455 2,091,970 1,272 Northrop Grumman Corporation 230,221 493,807 927 SBA Communications Corporation 192,976 333,195 4,971 NortonLifeLock, Inc. 119,244 131,601 11,240 Schlumberger Limited 894,697 312,600 1,994 NRG Energy, Inc. 53,105 95,390 1,173 Sealed Air Corp. 32,255 68,429 2,392 Nucor Corp. 127,340 162,092 2,394 Sempra Energy 273,500 388,595 5,015 NVIDIA Corporation 574,921 3,336,393 1,573 ServiceNow, Inc. 595,228 1,103,063 30 NVR, Inc. 142,380 155,932 2,643 Simon Property Group, Inc. 465,515 287,153 6,537 Occidental Petroleum Corporation 559,243 144,160 1,345 Skyworks Solutions, Inc. 158,621 261,964 755 Old Dominion Freight Line, Inc. 124,914 187,738 620 SL Green Realty Corp. 101,385 47,061 1,781 Omnicom Group Inc. 119,919 141,517 475 Snap-on Incorporated 52,020 103,565 3,405 ONEOK, Inc. 206,734 166,491 4,883 Southwest Airlines Co. 171,198 289,958 15,316 Oracle Corporation 696,285 1,262,269 1,251 Stanley Black & Decker, Inc. 133,228 284,584 605 O'Reilly Automotive, Inc. 138,827 348,827 9,477 Starbucks Corporation 494,671 1,291,644 3,227 Otis Worldwide Corp. 194,034 277,711 2,841 State Street Corporation 208,718 263,422 2,804 PACCAR Inc. 191,836 308,218 2,652 Stryker Corporation 371,520 827,904 800 Packaging Corporation of America 108,667 140,558 412 SVB Financial Group 142,329 203,567 1,038 Parker-Hannifin Corporation 148,537 360,238 4,307 Synchrony Financial 177,132 190,458 2,585 Paychex, Inc. 152,164 306,869 1,227 Synopsys Inc. 124,580 405,243 400 Paycom Software, Inc. 164,778 230,467 4,122 Sysco Corporation 206,403 389,971 9,488 PayPal Holdings, Inc. 547,655 2,830,942 1,849 T. Rowe Price Group Inc. 147,737 356,618 4,006 People's United Financial Inc. 71,313 65,990 946 Take-Two Interactive Software, Inc. 135,936 250,429 11,182 PepsiCo, Inc. 1,204,696 2,112,662 2,495 Tapestry, Inc. 123,252 98,792 886 PerkinElmer Inc. 48,050 161,978 4,013 Target Corporation 304,882 902,521 44,980 Pfizer Inc. 1,591,697 2,109,379 290 Teledyne Technologies Inc. 126,279 144,821 12,580 Philip Morris International Inc. 1,204,483 1,326,869 400 Teleflex Incorporated 135,424 209,736 3,554 Phillips 66 282,300 316,674 1,374 Teradyne, Inc. 138,322 209,865 998 Pinnacle West Capital Corporation 77,833 101,653 6,147 Tesla, Inc. 5,458,759 5,526,298 1,324 Pioneer Natural Resources Company 188,470 192,107 7,419 Texas Instruments Incorporated 492,209 1,551,325 300 Pool Corporation 130,522 142,370 1,815 Textron Inc. 81,498 111,754 1,912 PPG Industries, Inc. 181,987 351,304 5,393 The AES Corporation 75,735 161,461 6,054 PPL Corp. 221,166 217,501 2,345 The Allstate Corporation 174,051 328,419 2,085 Principal Financial Group, Inc. 95,266 131,779 6,559 The Bank of New York Mellon Corp. 292,126 354,636 5,886 Prologis, Inc. 414,675 747,327 4,241 The Boeing Company 746,064 1,156,573 3,194 Prudential Financial, Inc. 264,901 317,679 11,967 The Charles Schwab Corporation 476,669 808,646 4,093 Public Service Enterprise Group Inc. 197,331 304,004 31,296 The Coca-Cola Company 1,483,979 2,186,531 1,213 Public Storage, Inc. 266,937 356,870 407 The Cooper Companies, Inc. 117,106 188,388 2,020 PulteGroup Inc. 39,353 110,968 1,841 The Estee Lauder Companies Inc. Cl. A 185,570 624,331 659 PVH Corp. 82,128 78,827 1,816 The Gap, Inc. 47,946 46,711 980 Qorvo, Inc. 98,115 207,591 2,772 The Goldman Sachs Group, Inc. 583,490 931,299 9,146 QUALCOMM Incorporated 648,767 1,775,066 2,867 The Hartford Financial Services 1,086 Quanta Services, Inc. 34,174 99,644 Group, Inc. 106,880 178,902 1,150 Quest Diagnostics Incorporated 75,433 174,596 1,164 The Hershey Company 106,454 225,896 471 Ralph Lauren Corporation Cl. A 60,089 62,250 8,720 The Home Depot, Inc. 1,052,006 2,950,847 935 Raymond James Financial, Inc. 97,171 113,961 3,250 The Interpublic Group of Companies, Inc. 47,943 97,385 12,255 Raytheon Technologies Corp. 801,823 1,116,476 902 The J.M. Smucker Company 108,456 132,842 2,937 Realty Income Corporation 202,298 232,624 5,013 The Kraft Heinz Company 314,083 221,358 1,399 Regency Centers Corp. 128,048 81,256 6,379 The Kroger Co. 180,006 258,109 865 Regeneron Pharmaceuticals, Inc. 456,196 532,392 2,596 The Mosaic Company 128,785 76,101 7,468 Regions Financial Corporation 78,619 153,369 3,476 The PNC Financial Services Group, Inc. 362,105 659,835 1,655 Republic Services, Inc. 92,933 203,046 20,089 The Procter & Gamble Company 2,006,369 3,561,064 1,152 Resmed Inc. 125,398 311,963 4,801 The Progressive Corporation 213,122 604,797 1,050 Robert Half International Inc. 41,216 83,580 663 The Sherwin-Williams Company 187,016 620,751 938 Rockwell Automation Inc. 120,221 299,721 8,681 The Southern Co. 480,201 679,391 1,641 Rollins, Inc. 57,215 81,681 9,858 The TJX Companies, Inc. 344,647 857,660 854 Roper Technologies, Inc. 171,089 469,024 2,055 The Travelers Companies, Inc. 207,550 367,498

18 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Number Average Fair Number Average Fair of Shares Security Cost ($) Value ($) of Shares Security Cost ($) Value ($) 14,665 The Walt Disney Company 1,346,316 3,385,024 1,490 Xylem, Inc. 70,388 193,224 9,805 The Williams Companies, Inc. 356,714 250,456 2,441 Yum! Brands, Inc. 191,412 337,604 3,206 Thermo Fisher Scientific Inc. 539,693 1,902,452 435 Zebra Technologies Corporation Cl. A 144,628 212,992 895 Tiffany & Co. 63,315 149,883 1,675 Zimmer Biomet Holdings, Inc. 186,120 328,820 4,688 T-Mobile US, Inc. 573,492 805,393 1,312 Zions Bancorporation NA 31,490 72,609 921 Tractor Supply Company 85,611 164,950 3,773 Zoetis Inc. Cl. A 253,109 795,526 428 TransDigm Group Inc. 147,675 337,442 164,153,452 316,130,265 11,059 Truist Financial Corporation 432,829 675,294 Total Equities (62.6% of Net Assets) 664,838,393 972,523,612 6,362 Twitter, Inc. 311,865 438,896 319 Tyler Technologies, Inc. 144,204 177,404 2,370 Tyson Foods, Inc. Cl. A 113,009 194,569 11,251 U.S. Bancorp 513,318 667,811 Par Average Fair 2,381 UDR, Inc. 113,199 116,573 Value ($) Security Cost ($) Value ($) 439 Ulta Beauty, Inc. 121,740 160,605 1,500 Under Armour, Inc. Cl. A 104,290 32,812 FIXED INCOME (37.1% of Net Assets) 1,480 Under Armour, Inc. Cl. C 3,425 28,057 Issued or Guaranteed by Canadian 5,444 Union Pacific Corporation 586,271 1,444,142 Federal Government (11.7% of Net Assets) 2,409 United Airlines Holdings, Inc. 180,467 132,737 3,515,000 Canada Housing Trust No. 1 0.95% 5,809 United Parcel Service, Inc. Cl. B 633,090 1,246,272 Jun 15/25 3,541,545 3,576,471 597 United Rentals, Inc. 76,726 176,386 903,000 Canada Housing Trust No. 1 1.10% 7,686 UnitedHealth Group Incorporated 1,193,014 3,433,846 Mar 15/31 901,429 905,308 602 Universal Health Services, Inc. Cl. B 78,877 105,455 163,000 Canada Housing Trust No. 1 1.15% 1,916 Unum Group 56,943 55,996 Dec 15/21 161,976 164,526 2,563 V.F. Corporation 151,043 278,886 2,885,000 Canada Housing Trust No. 1 1.75% 3,296 Valero Energy Corporation 187,976 237,543 Jun 15/22 2,891,622 2,948,948 777 Varian Medical Systems, Inc. 48,809 173,242 3,223,000 Canada Housing Trust No. 1 1.75% 2,941 Ventas, Inc. 212,935 183,745 Jun 15/30 3,390,867 3,434,741 814 VeriSign, Inc. 73,053 224,415 3,301,000 Canada Housing Trust No. 1 1.80% Dec 15/24 3,321,275 3,468,751 1,318 Verisk Analytics, Inc. Cl. A 151,449 348,571 1,935,000 Canada Housing Trust No. 1 1.90% 33,502 Verizon Communications Inc. 1,908,804 2,507,541 Sep 15/26 1,916,441 2,064,775 2,138 Vertex Pharmaceuticals Inc. 297,135 643,746 3,729,000 Canada Housing Trust No. 1 1.95% 4,425 ViacomCBS Inc. Cl. B 287,191 210,051 Dec 15/25 3,922,532 3,970,410 10,264 Viatris Inc. 206,858 245,051 2,132,000 Canada Housing Trust No. 1 2.10% 13,739 Visa Inc. Cl. A 1,179,534 3,828,537 Sep 15/29 2,179,945 2,334,564 1,116 Vontier Corporation 47,639 47,488 1,067,000 Canada Housing Trust No. 1 2.25% 1,477 Vornado Realty Trust 155,572 70,263 Dec 15/25 1,104,392 1,151,646 1,013 Vulcan Materials Co. 85,165 191,403 3,092,000 Canada Housing Trust No. 1 2.35% Jun 15/23 3,100,456 3,244,878 1,067 W.R. Berkley Corporation 96,334 90,289 3,536,000 Canada Housing Trust No. 1 2.35% 346 W.W. Grainger, Inc. 91,704 179,998 Sep 15/23 3,660,447 3,725,934 1,492 Wabtec Corporation 148,161 139,139 1,957,000 Canada Housing Trust No. 1 2.35% 5,997 Walgreens Boots Alliance, Inc. 434,287 304,690 Jun 15/27 1,967,018 2,151,639 11,217 Walmart Inc. 1,024,134 2,059,970 808,000 Canada Housing Trust No. 1 2.35% 3,178 Waste Management, Inc. 217,445 477,472 Mar 15/28 805,748 893,546 489 Waters Corporation 53,500 154,139 5,165,000 Canada Housing Trust No. 1 2.40% 2,563 WEC Energy Group, Inc. 173,344 300,502 Dec 15/22 5,245,285 5,380,427 33,385 Wells Fargo & Company 1,619,140 1,283,631 2,937,000 Canada Housing Trust No. 1 2.55% 3,454 Welltower Inc. 264,691 284,354 Dec 15/23 2,939,621 3,123,492 588 West Pharmaceutical Services, Inc. 173,017 212,231 1,749,000 Canada Housing Trust No. 1 2.55% Mar 15/25 1,794,697 1,895,102 2,614 Western Digital Corporation 175,754 184,462 2,158,000 Canada Housing Trust No. 1 2.65% 3,342 Western Union Company 62,211 93,414 Mar 15/22 2,227,154 2,221,158 2,243 WestRock Company 126,348 124,391 1,384,000 Canada Housing Trust No. 1 2.65% 6,021 Weyerhaeuser Company 189,044 257,200 Mar 15/28 1,368,841 1,559,448 499 Whirlpool Corporation 74,884 114,742 1,766,000 Canada Housing Trust No. 1 2.65% 744 Wynn Resorts, Ltd. 108,290 106,947 Dec 15/28 1,761,866 2,003,211 4,283 Xcel Energy Inc. 203,786 363,788 4,847,000 Canada Housing Trust No. 1 2.90% 1,435 Xerox Holdings Corporation 40,818 42,396 Jun 15/24 5,045,877 5,254,235 1,965 Xilinx, Inc. 87,498 354,908 832,000 Canada Housing Trust No. 1 3.15% Sep 15/23 850,991 894,420

19 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Par Average Fair Par Average Fair Value ($) Security Cost ($) Value ($) Value ($) Security Cost ($) Value ($) 117,000 Export Development Canada 1.65% 155,000 Hydro One Inc. 3.72% Nov 18/47 154,905 191,118 Jul 31/24 116,865 122,002 24,000 Hydro One Inc. 3.79% Jul 31/62 23,930 31,207 153,000 Export Development Canada 1.80% 62,000 Hydro One Inc. 3.91% Feb 23/46 64,000 77,871 Sep 01/22 152,789 156,975 87,000 Hydro One Inc. 4.00% Dec 22/51 94,295 113,984 5,388,000 Government of Canada 0.25% Aug 01/22 5,383,312 5,394,364 100,000 Hydro One Inc. 4.17% Jun 06/44 105,969 128,749 1,225,000 Government of Canada 0.25% Nov 01/22 1,224,026 1,226,092 110,000 Hydro One Inc. 4.39% Sep 26/41 119,987 143,221 1,150,000 Government of Canada 0.25% Feb 01/23 1,148,955 1,150,329 76,000 Hydro One Inc. 4.59% Oct 09/43 96,103 102,713 1,450,000 Government of Canada 0.25% Apr 01/24 1,445,550 1,447,765 185,000 Hydro One Inc. 4.89% Mar 13/37 200,040 247,402 3,200,000 Government of Canada 0.25% Mar 01/26 3,162,339 3,167,864 120,000 Hydro One Inc. 5.00% Oct 19/46 138,755 175,917 257,000 Government of Canada 0.50% Mar 01/22 248,255 258,029 213,000 Hydro One Inc. 5.36% May 20/36 253,308 296,756 7,323,000 Government of Canada 0.50% Sep 01/25 7,363,008 7,360,239 170,000 Hydro One Inc. 5.49% Jul 16/40 202,560 248,047 4,100,000 Government of Canada 0.50% Dec 01/30 4,012,821 4,012,001 130,000 Hydro One Inc. 6.03% Mar 03/39 170,595 197,432 5,474,000 Government of Canada 1.00% Sep 01/22 5,317,221 5,550,000 119,000 Hydro One Inc. 6.35% Jan 31/34 153,368 174,801 1,026,000 Government of Canada 1.00% Jun 01/27 1,022,317 1,061,111 120,000 Hydro One Inc. 6.93% Jun 01/32 167,766 181,095 16,000 Government of Canada 1.25% Nov 01/21 15,904 16,146 80,000 Hydro One Inc. 7.35% Jun 03/30 106,476 118,208 2,540,000 Government of Canada 1.25% Mar 01/25 2,577,031 2,636,251 45,000 Hydro-Ottawa Holding Inc. 2.61% 10,153,000 Government of Canada 1.25% Jun 01/30 10,743,027 10,684,516 Feb 03/25 45,000 48,027 1,025,000 Government of Canada 1.50% May 01/22 1,048,547 1,043,121 36,000 Hydro-Ottawa Holding Inc. 3.64% 4,222,000 Government of Canada 1.50% Jun 01/23 4,125,877 4,352,587 Feb 02/45 36,000 41,685 4,295,000 Government of Canada 1.50% Sep 01/24 4,298,022 4,482,807 212,000 Hydro-Quebec 2.10% Feb 15/60 210,100 215,360 3,062,000 Government of Canada 1.50% Jun 01/26 3,077,730 3,240,555 1,649,000 Hydro-Quebec 4.00% Feb 15/55 2,134,710 2,438,728 5,347,000 Government of Canada 1.75% Mar 01/23 5,323,421 5,520,715 557,000 Hydro-Quebec 5.00% Feb 15/45 684,736 869,710 3,820,000 Government of Canada 2.00% Sep 01/23 3,844,539 3,996,330 478,000 Hydro-Quebec 5.00% Feb 15/50 596,182 785,934 3,357,000 Government of Canada 2.00% Jun 01/28 3,353,426 3,719,086 225,000 Hydro-Quebec 6.00% Aug 15/31 292,943 327,404 7,57 7,000 Government of Canada 2.00% Dec 01/51 8,907,964 9,114,532 465,000 Hydro-Quebec 6.00% Feb 15/40 673,494 768,619 4,701,000 Government of Canada 2.25% Mar 01/24 4,858,817 4,994,405 850,000 Hydro-Quebec 6.50% Feb 15/35 1,233,608 1,361,232 3,533,000 Government of Canada 2.25% Jun 01/25 3,729,781 3,829,118 202,000 Hydro-Quebec 9.63% Jul 15/22 303,497 230,909 2,863,000 Government of Canada 2.25% Jun 01/29 3,073,827 3,253,467 197,000 Ontario Electricity Financial 4,558,000 Government of Canada 2.50% Jun 01/24 4,775,894 4,901,867 Corporation 8.25% Jun 22/26 298,932 273,628 2,961,000 Government of Canada 2.75% Jun 01/22 3,150,311 3,069,230 50,000 Ontario Electricity Financial Corporation 8.50% May 26/25 71,875 66,588 2,931,000 Government of Canada 2.75% Dec 01/48 3,659,020 4,021,656 49,000 Ontario Electricity Financial 937,000 Government of Canada 2.75% Dec 01/64 985,375 1,432,735 Corporation 8.90% Aug 18/22 72,923 55,775 2,435,000 Government of Canada 3.50% Dec 01/45 3,282,240 3,678,763 20,000 Ontario Electricity Financial 1,727,000 Government of Canada 4.00% Jun 01/41 2,512,729 2,662,029 Corporation 10.13% Oct 15/21 31,537 21,531 1,756,000 Government of Canada 5.00% Jun 01/37 2,802,375 2,841,717 2,000 Ontario Electricity Financial 3,233,000 Government of Canada 5.75% Jun 01/29 4,541,815 4,595,697 Corporation 10.75% Aug 06/21 3,237 2,123 2,683,000 Government of Canada 5.75% Jun 01/33 4,041,415 4,241,860 282,000 Province of Alberta 1.60% Sep 01/22 278,829 288,244 474,000 Government of Canada 8.00% Jun 01/23 675,488 562,383 2,363,000 Province of Alberta 2.05% Jun 01/30 2,402,454 2,499,001 514,000 Government of Canada 8.00% Jun 01/27 814,292 757,795 1,121,000 Province of Alberta 2.20% Jun 01/26 1,104,463 1,202,255 300,000 Government of Canada 9.00% Jun 01/25 493,188 413,450 1,101,000 Province of Alberta 2.35% Jun 01/25 1,100,790 1,181,327 16,000 Government of Canada 9.25% Jun 01/22 26,767 18,044 604,000 Province of Alberta 2.55% Dec 15/22 621,319 630,560 175,436,305 181,355,263 1,635,000 Province of Alberta 2.55% Jun 01/27 1,672,736 1,795,253 441,000 Province of Alberta 2.65% Sep 01/23 441,287 467,097 Issued or Guaranteed by Canadian 991,000 Province of Alberta 2.90% Dec 01/28 1,004,513 1,120,017 Provincial Governments (14.1% of Net Assets) 405,000 Province of Alberta 2.90% Sep 20/29 375,464 458,600 38,000 Government of the Northwest 2,028,000 Province of Alberta 3.05% Dec 01/48 2,078,281 2,364,687 Territories 2.20% Sep 29/51 37,721 37,306 569,000 Province of Alberta 3.10% Jun 01/24 607,044 618,699 241,000 Hydro One Inc. 0.71% Jan 16/23 240,952 242,134 2,028,000 Province of Alberta 3.10% Jun 01/50 2,251,611 2,402,446 47,000 Hydro One Inc. 1.69% Jan 16/31 46,969 47,688 1,408,000 Province of Alberta 3.30% Dec 01/46 1,446,095 1,696,279 45,000 Hydro One Inc. 1.76% Feb 28/25 44,989 46,848 140,000 Province of Alberta 3.40% Dec 01/23 147,811 151,932 105,000 Hydro One Inc. 2.16% Feb 28/30 104,981 111,644 706,000 Province of Alberta 3.45% Dec 01/43 720,396 863,201 247,000 Hydro One Inc. 2.54% Apr 05/24 248,777 261,980 380,000 Province of Alberta 3.50% Jun 01/31 392,195 453,007 134,000 Hydro One Inc. 2.71% Feb 28/50 134,075 139,702 343,000 Province of Alberta 3.90% Dec 01/33 380,952 429,350 202,000 Hydro One Inc. 2.77% Feb 24/26 201,929 219,998 170,000 Province of Alberta 4.50% Dec 01/40 201,019 235,489 132,000 Hydro One Inc. 2.97% Jun 26/25 130,656 144,283 1,176,000 Province of British Columbia 2.20% 160,000 Hydro One Inc. 3.02% Apr 05/29 159,958 181,050 Jun 18/30 1,231,082 1,278,622 183,000 Hydro One Inc. 3.20% Jan 13/22 189,059 188,352 424,000 Province of British Columbia 2.30% 249,000 Hydro One Inc. 3.63% Jun 25/49 249,708 304,745 Jun 18/26 424,643 458,943 46,000 Hydro One Inc. 3.64% Apr 05/50 45,966 56,473

20 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Par Average Fair Par Average Fair Value ($) Security Cost ($) Value ($) Value ($) Security Cost ($) Value ($) 616,000 Province of British Columbia 2.55% 75,000 Province of Manitoba 6.30% Mar 05/31 106,652 109,281 Jun 18/27 661,106 680,769 32,000 Province of Manitoba 7.75% Dec 22/25 48,825 42,788 550,000 Province of British Columbia 2.70% 13,000 Province of Manitoba 10.50% Mar 05/31 25,453 24,030 Dec 18/22 557,753 576,048 384,000 Province of New Brunswick 1.55% 1,569,000 Province of British Columbia 2.80% May 04/22 375,244 390,665 Jun 18/48 1,623,590 1,844,753 91,000 Province of New Brunswick 1.80% 1,220,000 Province of British Columbia 2.85% Aug 14/25 90,915 95,500 Jun 18/25 1,296,192 1,339,788 253,000 Province of New Brunswick 2.35% 649,000 Province of British Columbia 2.95% Aug 14/27 246,399 274,835 Dec 18/28 660,325 743,255 212,000 Province of New Brunswick 2.60% 1,744,000 Province of British Columbia 2.95% Aug 14/26 212,567 232,136 Jun 18/50 1,967,852 2,129,079 349,000 Province of New Brunswick 2.85% 1,216,000 Province of British Columbia 3.20% Jun 02/23 357,107 369,617 Jun 18/44 1,162,908 1,498,913 368,000 Province of New Brunswick 3.05% 639,000 Province of British Columbia 3.25% Aug 14/50 404,453 435,176 Dec 18/21 671,253 657,732 281,000 Province of New Brunswick 3.10% 634,000 Province of British Columbia 3.30% Aug 14/28 283,321 321,633 Dec 18/23 662,626 687,955 315,000 Province of New Brunswick 3.10% 824,000 Province of British Columbia 4.30% Aug 14/48 345,014 372,034 Jun 18/42 952,737 1,170,957 394,000 Province of New Brunswick 3.35% 475,000 Province of British Columbia 4.70% Dec 03/21 409,320 405,338 Jun 18/37 599,484 676,757 390,000 Province of New Brunswick 3.55% 615,000 Province of British Columbia 4.95% Jun 03/43 391,078 484,767 Jun 18/40 745,577 926,457 16,000 Province of New Brunswick 3.55% 197,000 Province of British Columbia 5.40% Jun 03/55 16,280 20,969 Jun 18/35 259,332 292,735 230,000 Province of New Brunswick 3.65% 995,000 Province of British Columbia 5.70% Jun 03/24 243,380 254,186 Jun 18/29 1,256,848 1,361,179 419,000 Province of New Brunswick 3.80% 9,000 Province of British Columbia 6.15% Aug 14/45 444,983 544,666 Nov 19/27 12,488 12,101 316,000 Province of New Brunswick 4.55% 545,000 Province of British Columbia 6.35% Mar 26/37 302,663 429,594 Jun 18/31 766,524 812,401 225,000 Province of New Brunswick 4.65% 125,000 Province of British Columbia 8.00% Sep 26/35 262,488 305,846 Sep 08/23 152,075 150,225 310,000 Province of New Brunswick 4.80% 29,000 Province of British Columbia 9.95% Sep 26/39 364,948 441,887 May 15/21 44,285 30,026 339,000 Province of New Brunswick 4.80% 279,000 Province of Manitoba 2.05% Jun 02/30 288,452 296,511 Jun 03/41 422,153 489,655 210,000 Province of Manitoba 2.05% Sep 05/52 203,938 204,448 120,000 Province of New Brunswick 5.50% 911,000 Province of Manitoba 2.45% Jun 02/25 937,694 981,419 Jan 27/34 158,593 173,271 873,000 Province of Manitoba 2.55% Jun 02/23 866,499 918,538 264,000 Province of Newfoundland 1.95% 657,000 Province of Manitoba 2.55% Jun 02/26 663,355 716,841 Jun 02/22 263,745 270,207 305,000 Province of Manitoba 2.60% Jun 02/27 301,913 336,264 327,000 Province of Newfoundland 2.30% Jun 02/25 319,261 349,084 303,000 Province of Manitoba 2.75% Jun 02/29 314,356 340,052 515,000 Province of Newfoundland 2.65% 552,000 Province of Manitoba 2.85% Sep 05/46 515,596 622,524 Oct 17/50 510,539 540,061 488,000 Province of Manitoba 3.00% Jun 02/28 484,932 554,742 198,000 Province of Newfoundland 2.85% 60,000 Province of Manitoba 3.15% Sep 05/52 52,298 73,473 Jun 02/28 195,187 221,133 716,000 Province of Manitoba 3.20% Mar 05/50 785,733 872,480 338,000 Province of Newfoundland 2.85% 175,000 Province of Manitoba 3.25% Sep 05/29 183,761 203,711 Jun 02/29 357,974 378,293 258,000 Province of Manitoba 3.30% Jun 02/24 267,579 282,203 391,000 Province of Newfoundland 3.00% 218,000 Province of Manitoba 3.35% Mar 05/43 219,974 264,268 Jun 02/26 396,987 433,933 580,000 Province of Manitoba 3.40% Sep 05/48 667,399 725,500 473,000 Province of Newfoundland 3.30% 182,000 Province of Manitoba 3.85% Dec 01/21 197,426 188,015 Oct 17/46 451,259 550,999 434,000 Province of Manitoba 4.05% Sep 05/45 500,206 587,480 291,000 Province of Newfoundland 3.70% Oct 17/48 304,014 365,844 433,000 Province of Manitoba 4.10% Mar 05/41 479,981 576,767 130,000 Province of Newfoundland 4.50% 156,000 Province of Manitoba 4.40% Sep 05/25 172,133 182,214 Apr 17/37 151,667 171,620 112,000 Province of Manitoba 4.40% Mar 05/42 124,945 156,164 153,000 Province of Newfoundland 4.65% 290,000 Province of Manitoba 4.60% Mar 05/38 326,062 401,100 Oct 17/40 174,484 210,770 230,000 Province of Manitoba 4.65% Mar 05/40 253,952 324,910 130,000 Province of Newfoundland 5.60% 70,000 Province of Manitoba 4.70% Mar 05/50 90,226 107,685 Oct 17/33 169,708 185,270 230,000 Province of Manitoba 5.70% Mar 05/37 285,645 350,135 115,000 Province of Newfoundland 5.70% Oct 17/35 154,143 168,489

21 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Par Average Fair Par Average Fair Value ($) Security Cost ($) Value ($) Value ($) Security Cost ($) Value ($) 240,000 Province of Newfoundland 6.15% 80,000 Province of Prince Edward Island 2.65% Apr 17/28 324,122 321,539 Dec 01/51 86,074 87,241 70,000 Province of Newfoundland 6.55% 45,000 Province of Prince Edward Island 3.60% Oct 17/30 97,418 101,717 Jan 17/53 43,249 58,491 16,000 Province of Newfoundland 10.95% 69,000 Province of Prince Edward Island 3.65% Apr 15/21 25,482 16,474 Jun 27/42 68,823 86,053 136,000 Province of Nova Scotia 2.00% Sep 01/30 135,493 144,651 18,000 Province of Prince Edward Island 3.85% 198,000 Province of Nova Scotia 2.10% Jun 01/27 188,911 212,386 Jul 17/54 17,905 24,710 107,000 Province of Nova Scotia 2.15% Jun 01/25 107,267 113,921 67,000 Province of Prince Edward Island 4.60% May 19/41 75,508 93,491 348,000 Province of Nova Scotia 3.15% Dec 01/51 410,169 429,844 105,000 Province of Prince Edward Island 4.65% 103,000 Province of Nova Scotia 3.45% Jun 01/45 107,915 128,704 Nov 19/37 122,924 144,045 383,000 Province of Nova Scotia 3.50% Jun 02/62 391,858 529,645 30,000 Province of Prince Edward Island 6.10% 300,000 Province of Nova Scotia 4.40% Jun 01/42 336,220 421,787 Jul 29/27 39,585 39,336 270,000 Province of Nova Scotia 4.50% Jun 01/37 315,733 369,976 19,000 Province of Prince Edward Island 6.25% 207,000 Province of Nova Scotia 4.70% Jun 01/41 230,049 299,159 Jan 29/32 25,282 27,806 140,000 Province of Nova Scotia 4.90% Jun 01/35 170,884 195,612 104,000 Province of Quebec 1.65% Mar 03/22 103,891 105,783 155,000 Province of Nova Scotia 5.80% Jun 01/33 196,229 228,323 178,000 Province of Quebec 1.85% Feb 13/27 177,884 188,976 110,000 Province of Nova Scotia 6.60% Jun 01/27 153,998 148,641 2,808,000 Province of Quebec 1.90% Sep 01/30 2,945,793 2,970,004 75,000 Province of Nova Scotia 6.60% Dec 01/31 109,187 113,822 236,000 Province of Quebec 2.25% Feb 22/24 238,209 249,602 480,000 Province of Ontario 1.05% Sep 08/27 480,995 482,940 2,026,000 Province of Quebec 2.30% Sep 01/29 2,117,420 2,218,727 2,066,000 Province of Ontario 1.35% Mar 08/22 2,033,742 2,094,064 126,000 Province of Quebec 2.45% Mar 01/23 125,817 131,836 858,000 Province of Ontario 1.35% Dec 02/30 849,510 858,907 1,696,000 Province of Quebec 2.50% Sep 01/26 1,721,661 1,855,662 2,730,000 Province of Ontario 1.75% Sep 08/25 2,824,173 2,861,294 169,000 Province of Quebec 2.60% Jul 06/25 167,125 184,034 609,000 Province of Ontario 1.85% Feb 01/27 636,123 644,854 2,311,000 Province of Quebec 2.75% Sep 01/25 2,411,893 2,532,842 1,361,000 Province of Ontario 1.90% Dec 02/51 1,324,909 1,330,762 1,812,000 Province of Quebec 2.75% Sep 01/27 1,867,728 2,027,794 346,000 Province of Ontario 1.95% Jan 27/23 344,596 357,678 1,773,000 Province of Quebec 2.75% Sep 01/28 1,772,127 1,999,297 3,383,000 Province of Ontario 2.05% Jun 02/30 3,542,825 3,610,229 2,066,000 Province of Quebec 3.00% Sep 01/23 2,085,995 2,209,384 927,000 Province of Ontario 2.30% Sep 08/24 933,370 986,271 3,299,000 Province of Quebec 3.10% Dec 01/51 4,038,224 4,146,982 2,655,000 Province of Ontario 2.40% Jun 02/26 2,661,878 2,878,158 1,962,000 Province of Quebec 3.50% Dec 01/22 2,089,586 2,082,336 1,845,000 Province of Ontario 2.60% Sep 08/23 1,839,270 1,952,297 2,860,000 Province of Quebec 3.50% Dec 01/45 2,904,491 3,694,976 4,223,000 Province of Ontario 2.60% Jun 02/25 4,341,267 4,577,603 3,391,000 Province of Quebec 3.50% Dec 01/48 3,973,539 4,468,565 3,593,000 Province of Ontario 2.60% Jun 02/27 3,674,273 3,966,627 1,905,000 Province of Quebec 3.75% Sep 01/24 2,030,138 2,129,225 670,000 Province of Ontario 2.65% Feb 05/25 680,840 725,784 264,000 Province of Quebec 4.25% Dec 01/21 290,249 273,746 4,137,000 Province of Ontario 2.65% Dec 02/50 4,552,530 4,727,957 2,003,000 Province of Quebec 4.25% Dec 01/43 2,351,228 2,843,678 2,845,000 Province of Ontario 2.70% Jun 02/29 3,020,139 3,192,060 1,276,000 Province of Quebec 5.00% Dec 01/38 1,618,948 1,894,290 3,245,000 Province of Ontario 2.80% Jun 02/48 3,152,966 3,775,529 2,399,000 Province of Quebec 5.00% Dec 01/41 3,182,705 3,671,781 3,435,000 Province of Ontario 2.85% Jun 02/23 3,460,167 3,639,249 109,000 Province of Quebec 5.35% Jun 01/25 127,113 131,002 2,898,000 Province of Ontario 2.90% Jun 02/28 3,020,181 3,281,915 1,110,000 Province of Quebec 5.75% Dec 01/36 1,458,486 1,730,547 4,220,000 Province of Ontario 2.90% Dec 02/46 4,180,886 4,957,903 860,000 Province of Quebec 6.00% Oct 01/29 1,145,475 1,202,875 4,010,000 Province of Ontario 2.90% Jun 02/49 4,144,210 4,767,551 1,338,000 Province of Quebec 6.25% Jun 01/32 1,790,766 2,010,083 4,060,000 Province of Ontario 3.15% Jun 02/22 4,225,382 4,226,243 440,000 Province of Quebec 8.50% Apr 01/26 662,896 612,951 3,652,000 Province of Ontario 3.45% Jun 02/45 3,658,772 4,653,928 66,000 Province of Quebec 9.38% Jan 16/23 101,701 78,051 3,236,000 Province of Ontario 3.50% Jun 02/24 3,420,417 3,561,927 137,000 Province of Saskatchewan 0.80% 2,883,000 Province of Ontario 3.50% Jun 02/43 2,971,873 3,673,317 Sep 02/25 137,063 137,605 2,006,000 Province of Ontario 4.60% Jun 02/39 2,398,646 2,861,022 201,000 Province of Saskatchewan 2.20% 2,437,000 Province of Ontario 4.65% Jun 02/41 3,120,406 3,557,534 Jun 02/30 211,183 216,186 2,326,000 Province of Ontario 4.70% Jun 02/37 2,824,398 3,292,259 365,000 Province of Saskatchewan 2.55% Jun 02/26 365,621 398,028 1,900,000 Province of Ontario 5.60% Jun 02/35 2,532,357 2,853,417 400,000 Province of Saskatchewan 2.65% 50,000 Province of Ontario 5.65% Jul 13/39 72,056 78,559 Jun 02/27 401,508 441,991 1,310,000 Province of Ontario 5.85% Mar 08/33 1,678,897 1,938,997 736,000 Province of Saskatchewan 2.75% 760,000 Province of Ontario 6.20% Jun 02/31 1,046,681 1,115,768 Dec 02/46 693,411 819,266 1,520,000 Province of Ontario 6.50% Mar 08/29 2,058,295 2,147,228 401,000 Province of Saskatchewan 3.05% 100,000 Province of Ontario 7.50% Feb 07/24 135,682 121,311 Dec 02/28 410,596 458,760 595,000 Province of Ontario 7.60% Jun 02/27 863,781 841,463 652,000 Province of Saskatchewan 3.10% 215,000 Province of Ontario 8.10% Sep 08/23 305,242 258,881 Jun 02/50 732,319 784,468 175,000 Province of Ontario 8.50% Dec 02/25 268,912 239,832 404,000 Province of Saskatchewan 3.20% 109,000 Province of Ontario 9.50% Jul 13/22 171,588 124,193 Jun 03/24 430,255 440,596 26,000 Province of Prince Edward Island 2.35% 646,000 Province of Saskatchewan 3.30% Aug 25/25 25,959 27,746 Jun 02/48 659,469 796,473

22 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Par Average Fair Par Average Fair Value ($) Security Cost ($) Value ($) Value ($) Security Cost ($) Value ($) 277,000 Province of Saskatchewan 3.40% 91,000 City of Toronto 3.90% Sep 29/23 96,447 99,493 Feb 03/42 273,230 339,578 97,000 City of Toronto 4.15% Mar 10/44 102,009 129,786 175,000 Province of Saskatchewan 3.75% 156,000 City of Toronto 4.70% Jun 10/41 170,157 220,848 Mar 05/54 243,838 240,329 164,000 City of Toronto 5.20% Jun 01/40 187,098 244,524 506,000 Province of Saskatchewan 3.90% 31,000 City of Vancouver 2.70% Dec 15/26 30,962 34,264 Jun 02/45 565,973 671,318 27,000 City of Vancouver 2.85% Nov 03/27 26,942 30,272 336,000 Province of Saskatchewan 4.75% Jun 01/40 402,235 482,263 17,000 City of Vancouver 2.90% Nov 20/25 16,943 18,757 125,000 Province of Saskatchewan 5.00% 17,000 City of Vancouver 3.05% Oct 16/24 16,981 18,561 Mar 05/37 156,447 178,651 11,000 City of Vancouver 3.45% Dec 02/21 10,984 11,327 65,000 Province of Saskatchewan 5.60% 8,000 City of Vancouver 3.70% Oct 18/52 7,945 10,605 Sep 05/35 74,706 96,584 16,000 City of Vancouver 3.75% Oct 24/23 15,981 17,467 37,000 Province of Saskatchewan 5.75% 56,000 City of Winnipeg 4.10% Jun 01/45 62,042 74,128 Mar 05/29 48,425 49,859 73,000 City of Winnipeg 4.30% Nov 15/51 87,735 104,451 190,000 Province of Saskatchewan 5.80% 14,000 City of Winnipeg 5.20% Jul 17/36 16,481 19,823 Sep 05/33 249,910 279,883 5,000 City of Winnipeg 5.90% Feb 02/29 6,285 6,728 131,000 Province of Saskatchewan 6.40% 97,000 Regional Municipality of York 1.70% Sep 05/31 178,506 194,771 May 27/30 99,414 99,985 198,651,631 218,687,406 44,000 The Regional Municipality of Halton 3.15% Apr 06/45 43,847 50,394 Issued or Guaranteed by Canadian Municipal 9,000 The Regional Municipality of Halton Governments (0.6% of Net Assets) 4.05% Oct 11/41 8,957 11,755 154,000 City of Montreal 2.30% Sep 01/29 152,748 166,207 28,000 The Regional Municipality of Peel 2.30% 128,000 City of Montreal 2.75% Sep 01/26 127,226 140,781 Nov 02/26 27,908 30,184 148,000 City of Montreal 3.00% Sep 01/25 150,446 163,036 50,000 The Regional Municipality of Peel 2.50% 307,000 City of Montreal 3.00% Sep 01/27 309,124 344,932 Jun 16/51 49,584 52,057 273,000 City of Montreal 3.15% Sep 01/28 279,895 311,906 90,000 The Regional Municipality of Peel 3.50% 177,000 City of Montreal 3.15% Dec 01/36 173,778 204,855 Dec 01/21 92,733 92,688 232,000 City of Montreal 3.50% Sep 01/23 232,768 250,746 90,000 The Regional Municipality of Peel 3.85% Oct 30/42 95,591 115,215 123,000 City of Montreal 3.50% Sep 01/24 130,362 135,899 38,000 The Regional Municipality of Peel 4.25% 343,000 City of Montreal 3.50% Dec 01/38 367,018 413,857 Dec 02/33 37,849 48,615 145,000 City of Montreal 4.10% Dec 01/34 151,789 183,877 153,000 The Regional Municipality of Peel 5.10% 153,000 City of Montreal 4.25% Dec 01/32 152,588 195,197 Jun 29/40 174,858 224,817 133,000 City of Montreal 4.50% Dec 01/21 144,318 138,170 106,000 The Regional Municipality of York 2.35% 96,000 City of Montreal 6.00% Jun 01/43 129,805 159,282 Jun 09/27 103,021 114,874 73,000 City of Ottawa 2.50% May 11/51 72,609 76,565 92,000 The Regional Municipality of York 2.50% 38,000 City of Ottawa 3.05% May 10/39 37,803 43,331 Jun 02/26 92,375 99,940 21,000 City of Ottawa 3.05% Apr 23/46 20,796 24,043 70,000 The Regional Municipality of York 2.60% 235,000 City of Ottawa 3.10% Jul 27/48 225,506 274,119 Dec 15/25 69,537 76,226 83,000 City of Ottawa 3.25% Nov 10/47 87,959 98,978 67,000 The Regional Municipality of York 2.65% Apr 18/29 66,912 74,342 21,000 City of Ottawa 4.20% Jul 30/53 20,948 30,161 152,000 The Regional Municipality of York 3.65% 14,000 City of Ottawa 4.40% Oct 22/33 13,980 18,191 May 13/33 145,019 184,080 116,000 City of Ottawa 4.60% Jul 14/42 146,895 163,408 202,000 The Regional Municipality of York 4.00% 5,000 City of Ottawa 5.05% Aug 13/30 5,798 6,593 Jun 30/21 213,357 205,788 33,000 City of St. John's 2.92% Sep 03/40 33,000 35,062 73,000 The Regional Municipality of York 4.00% 43,000 City of Toronto 2.15% Aug 25/40 42,833 43,306 May 31/32 76,152 90,987 111,000 City of Toronto 2.40% Jun 24/26 108,688 120,141 158,000 The Regional Municipality of York 4.05% 272,000 City of Toronto 2.40% Jun 07/27 266,330 296,053 May 01/34 167,745 200,125 99,000 City of Toronto 2.45% Feb 06/25 97,886 106,056 7,463,275 8,516,848 82,000 City of Toronto 2.60% Sep 24/39 84,299 88,992 Other (10.7% of Net Assets) 81,000 City of Toronto 2.65% Nov 09/29 80,853 90,442 138,000 City of Toronto 2.80% Nov 22/49 142,297 152,955 10,090 407 East Development Group General Partnership 4.47% Jun 23/45 10,090 12,285 135,000 City of Toronto 2.95% Apr 28/35 134,273 153,260 78,000 407 International Inc. 1.80% May 22/25 77,974 81,412 92,000 City of Toronto 3.20% Aug 01/48 91,771 109,766 115,000 407 International Inc. 2.43% May 04/27 116,050 124,237 151,000 City of Toronto 3.25% Jun 24/46 146,966 179,038 115,000 407 International Inc. 2.47% Sep 08/22 114,474 118,122 92,000 City of Toronto 3.40% May 21/24 94,043 100,729 94,000 407 International Inc. 2.59% May 25/32 93,961 101,322 164,000 City of Toronto 3.50% Dec 06/21 172,978 169,006 200,000 407 International Inc. 2.84% Mar 07/50 208,166 211,448 235,000 City of Toronto 3.50% Jun 02/36 236,273 284,016 51,000 407 International Inc. 3.14% Mar 06/30 53,358 58,197 181,000 City of Toronto 3.80% Dec 13/42 176,775 230,786 34,000 407 International Inc. 3.30% Mar 27/45 33,942 38,525

23 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Par Average Fair Par Average Fair Value ($) Security Cost ($) Value ($) Value ($) Security Cost ($) Value ($) 40,000 407 International Inc. 3.35% May 16/24 39,966 43,299 113,000 Allied Properties Real Estate 97,000 407 International Inc. 3.43% Jun 01/33 96,919 112,517 Investment Trust 3.13% May 15/28 113,000 120,128 96,000 407 International Inc. 3.60% May 21/47 98,448 115,026 72,000 Allied Properties Real Estate Investment Trust 3.39% Aug 15/29 72,000 77,581 165,000 407 International Inc. 3.65% Sep 08/44 164,284 196,568 123,000 Allied Properties Real Estate 160,000 407 International Inc. 3.67% Mar 08/49 163,207 195,339 Investment Trust 3.64% Apr 21/25 123,000 133,494 87,000 407 International Inc. 3.72% May 11/48 87,000 106,585 89,000 Allied Properties Real Estate 162,000 407 International Inc. 3.83% May 11/46 161,451 199,926 Investment Trust 3.93% Nov 14/22 89,000 93,919 120,000 407 International Inc. 3.98% Sep 11/52 125,884 155,381 189,000 AltaGas, Ltd. 2.08% May 30/28 189,000 191,878 139,000 407 International Inc. 4.19% Apr 25/42 132,917 175,867 79,000 AltaGas, Ltd. 2.16% Jun 10/25 79,000 82,139 94,000 407 International Inc. 4.45% Nov 15/41 101,101 122,463 96,000 AltaGas, Ltd. 2.48% Nov 30/30 96,000 97,514 111,000 407 International Inc. 4.68% Oct 07/53 123,979 160,598 140,000 AltaGas, Ltd. 2.61% Dec 16/22 140,237 145,126 155,000 407 International Inc. 5.75% Feb 14/36 192,060 205,808 136,000 AltaGas, Ltd. 3.57% Jun 12/23 136,622 143,997 115,000 407 International Inc. 5.96% Dec 03/35 150,160 165,994 114,000 AltaGas, Ltd. 3.84% Jan 15/25 116,666 125,218 200,000 407 International Inc. 6.47% Jul 27/29 206,712 276,390 27,000 AltaGas, Ltd. 3.98% Oct 04/27 26,989 30,760 33,754 Access Prairies Partnership 4.23% 132,000 AltaGas, Ltd. 4.12% Apr 07/26 138,231 149,091 Mar 01/48 33,754 39,633 80,000 AltaGas, Ltd. 4.40% Mar 15/24 82,472 87,965 96,367 Access Recherche Montreal LP 7.07% 100,000 AltaGas, Ltd. 4.50% Aug 15/44 98,619 113,358 Dec 31/42 141,447 145,768 61,000 AltaGas, Ltd. 4.99% Oct 04/47 60,999 75,632 48,000 Aeroports de Montreal 3.03% Apr 21/50 48,000 52,960 53,000 AltaGas, Ltd. 5.16% Jan 13/44 59,791 65,440 95,000 Aeroports de Montreal 3.36% Apr 24/47 92,537 110,191 118,000 AltaLink Investments LP 2.24% Mar 07/22 118,000 119,866 100,000 Aeroports de Montreal 3.92% Sep 26/42 103,825 123,325 94,000 AltaLink, LP 1.51% Sep 11/30 94,000 94,432 79,000 Aeroports de Montreal 3.92% Jun 12/45 80,362 98,719 158,000 AltaLink, LP 2.75% May 29/26 158,325 172,518 100,000 Aeroports de Montreal 5.17% Sep 17/35 108,823 135,149 95,000 AltaLink, LP 2.98% Nov 28/22 95,003 99,569 50,000 Aeroports de Montreal 5.47% Apr 16/40 68,950 72,386 157,000 AltaLink, LP 3.40% Jun 06/24 157,950 170,753 100,000 Aeroports de Montreal 5.67% Oct 16/37 82,096 144,840 182,000 AltaLink, LP 3.67% Nov 06/23 187,062 198,190 119,000 Aeroports de Montreal 6.55% Oct 11/33 151,287 175,498 172,000 AltaLink, LP 3.72% Dec 03/46 172,535 211,451 39,761 Aeroports de Montreal 6.95% Apr 16/32 50,578 52,396 194,000 AltaLink, LP 3.99% Jun 30/42 200,131 242,106 161,000 AIMCo Realty Investors LP 2.27% Jun 26/24 161,000 168,330 81,000 AltaLink, LP 4.05% Nov 21/44 82,295 103,293 73,000 AIMCo Realty Investors LP 2.71% 139,000 AltaLink, LP 4.09% Jun 30/45 144,114 178,928 Jun 01/29 73,000 79,047 15,000 AltaLink, LP 4.27% Jun 06/64 15,000 21,776 121,000 AIMCo Realty Investors LP 3.04% 75,000 AltaLink, LP 4.45% Jul 11/53 82,825 106,641 Jun 01/28 120,900 134,064 89,000 AltaLink, LP 4.46% Nov 08/41 96,346 117,357 97,000 AIMCo Realty Investors LP 3.37% 60,000 AltaLink, LP 4.87% Nov 15/40 67,625 82,102 Jun 01/27 97,000 108,747 130,000 AltaLink, LP 4.92% Sep 17/43 135,720 184,307 170,131 Alberta Powerline LP 4.07% Dec 01/53 171,046 208,478 64,000 AltaLink, LP 5.25% Sep 22/36 78,579 88,020 175,231 Alberta Powerline LP 4.07% Mar 01/54 176,263 214,768 15,000 AltaLink, LP 5.38% Mar 26/40 15,000 21,572 252,000 Alectra Inc. 2.49% May 17/27 248,438 273,721 23,510 Arrow Lakes Power 5.52% Apr 05/41 23,510 30,735 50,000 Alectra Inc. 3.03% Jul 25/22 50,061 52,046 38,000 Artis Real Estate Investment Trust 57,000 Alectra Inc. 3.24% Nov 21/24 57,000 62,193 3.67% Feb 22/21 38,000 38,091 37,000 Alectra Inc. 3.46% Apr 12/49 37,000 44,211 37,000 Artis Real Estate Investment Trust 95,000 Alectra Inc. 3.96% Jul 30/42 96,325 118,277 3.82% Sep 18/23 37,000 37,979 16,000 Alectra Inc. 4.52% Apr 29/21 16,000 16,210 49,000 Asian Development Bank 4.65% 23,000 Alectra Inc. 5.30% Apr 29/41 23,000 33,293 Feb 16/27 55,750 60,035 38,000 Algonquin Power Co. 4.09% Feb 17/27 37,973 43,109 467,000 Bank of Montreal 2.08% Jun 17/30 467,000 483,009 149,000 Algonquin Power Co. 4.60% Jan 29/29 148,928 177,277 489,000 Bank of Montreal 2.12% Mar 16/22 486,874 499,229 32,000 Algonquin Power Co. 4.65% Feb 15/22 31,956 33,386 630,000 Bank of Montreal 2.27% Jul 11/22 625,772 647,711 55,000 Algonquin Power Co. 4.82% Feb 15/21 54,967 55,251 614,000 Bank of Montreal 2.28% Jul 29/24 613,742 645,219 231,000 Alimentation Couche-Tard Inc. 3.06% 520,000 Bank of Montreal 2.37% Feb 03/25 520,418 549,930 Jul 26/24 228,459 247,705 200,000 Bank of Montreal 2.57% Jun 01/27 195,620 205,581 232,000 Alimentation Couche-Tard Inc. 3.60% 550,000 Bank of Montreal 2.70% Sep 11/24 549,928 589,899 Jun 02/25 231,286 255,681 192,000 Bank of Montreal 2.70% Dec 09/26 191,678 211,111 60,000 Alimentation Couche-Tard Inc. 3.90% 605,000 Bank of Montreal 2.85% Mar 06/24 604,861 644,369 Nov 01/22 64,108 63,658 354,000 Bank of Montreal 2.88% Sep 17/29 355,546 376,378 18,639 Alliance Pipeline LP 7.18% Jun 30/23 22,379 20,375 502,000 Bank of Montreal 2.89% Jun 20/23 504,354 530,895 109,000 Allied Properties Real Estate 719,000 Bank of Montreal 3.19% Mar 01/28 715,986 818,782 Investment Trust 3.11% Apr 08/27 109,000 116,397 232,000 Bank of Montreal 4.61% Sep 10/25 249,969 272,525 156,000 Allied Properties Real Estate Investment Trust 3.12% Feb 21/30 156,000 163,970 23,414 Bankers Hall LP 4.38% Nov 20/23 23,414 24,473 79,000 BCI QuadReal Realty 1.68% Mar 03/25 78,987 81,537

24 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Par Average Fair Par Average Fair Value ($) Security Cost ($) Value ($) Value ($) Security Cost ($) Value ($) 200,000 BCI QuadReal Realty 1.75% Jul 24/30 200,000 202,104 175,000 Brookfield Asset Management Inc. 112,000 bcIMC Realty Corporation 2.15% 4.54% Mar 31/23 180,805 189,210 Aug 11/22 111,968 114,834 268,000 Brookfield Asset Management Inc. 184,000 bcIMC Realty Corporation 2.84% 4.82% Jan 28/26 275,647 310,578 Jun 03/25 183,904 198,667 133,000 Brookfield Asset Management Inc. 184,000 bcIMC Realty Corporation 3.00% 5.04% Mar 08/24 140,889 148,288 Mar 31/27 188,490 203,527 134,000 Brookfield Asset Management Inc. 90,000 bcIMC Realty Corporation 3.51% 5.95% Jun 14/35 149,849 179,688 Jun 29/22 97,744 94,021 264,000 Brookfield Infrastructure Finance ULC 208,000 Bell Canada Inc. 1.65% Aug 16/27 208,492 210,747 3.32% Feb 22/24 266,848 281,942 298,000 Bell Canada Inc. 2.50% May 14/30 303,004 312,640 322,000 Brookfield Infrastructure Finance ULC 3.41% Oct 09/29 322,000 354,465 355,000 Bell Canada Inc. 2.70% Feb 27/24 354,764 374,593 261,000 Brookfield Infrastructure Finance ULC 180,000 Bell Canada Inc. 2.75% Jan 29/25 179,631 192,441 4.19% Sep 11/28 261,000 302,731 191,000 Bell Canada Inc. 2.90% Aug 12/26 190,490 207,173 124,000 Brookfield Property Finance ULC 3.93% 190,000 Bell Canada Inc. 2.90% Sep 10/29 190,645 206,290 Aug 24/25 124,000 128,792 503,000 Bell Canada Inc. 3.00% Oct 03/22 507,083 522,960 153,000 Brookfield Property Finance ULC 3.93% 265,000 Bell Canada Inc. 3.35% Mar 22/23 252,320 278,753 Jan 15/27 153,000 158,924 463,000 Bell Canada Inc. 3.35% Mar 12/25 471,808 505,664 30,000 Brookfield Property Finance ULC 4.12% 386,000 Bell Canada Inc. 3.50% Sep 30/50 393,755 407,480 Oct 19/21 30,000 30,539 252,000 Bell Canada Inc. 3.55% Mar 02/26 252,405 280,059 205,000 Brookfield Property Finance ULC 4.30% 182,000 Bell Canada Inc. 3.60% Sep 29/27 181,900 205,966 Mar 01/24 206,208 214,666 332,000 Bell Canada Inc. 3.80% Aug 21/28 330,312 381,919 180,000 Brookfield Property Finance ULC 4.35% Jul 03/23 179,916 187,917 105,000 Bell Canada Inc. 4.35% Dec 18/45 104,373 125,240 40,000 Brookfield Renewable Partners ULC 162,000 Bell Canada Inc. 4.45% Feb 27/47 161,903 196,843 3.33% Aug 13/50 39,970 41,397 164,000 Bell Canada Inc. 4.70% Sep 11/23 170,039 179,641 43,000 Brookfield Renewable Partners ULC 167,000 Bell Canada Inc. 4.75% Sep 29/44 166,566 209,074 3.38% Jan 15/30 42,990 48,416 140,000 Bell Canada Inc. 6.10% Mar 16/35 156,254 190,462 155,000 Brookfield Renewable Partners ULC 65,000 Bell Canada Inc. 6.17% Feb 26/37 78,179 90,855 3.63% Jan 15/27 159,774 174,507 30,000 Bell Canada Inc. 6.55% May 01/29 37,462 40,481 131,000 Brookfield Renewable Partners ULC 10,000 Bell Canada Inc. 7.00% Sep 24/27 12,250 13,231 3.75% Jun 02/25 132,490 144,766 65,000 Bell Canada Inc. 7.30% Feb 23/32 77,940 93,029 186,000 Brookfield Renewable Partners ULC 75,000 Bell Canada Inc. 7.65% Dec 30/31 95,644 107,996 4.25% Jan 15/29 185,887 220,811 124,000 Bell Canada Inc. 7.85% Apr 02/31 162,595 181,706 97,000 Brookfield Renewable Partners ULC 4.29% Nov 05/49 96,842 118,022 25,000 Bell MTS Inc. 4.00% May 27/24 24,983 27,426 20,000 Brookfield Renewable Partners ULC 33,653 Blackbird Infrastructure 407 GP 3.76% 5.84% Nov 05/36 18,917 27,137 Jun 30/47 33,653 38,272 147,000 Bruce Power LP 3.00% Jun 21/24 146,984 156,905 46,000 BMW Canada Inc. 1.83% Jun 15/21 45,980 46,312 187,000 Bruce Power LP 3.97% Jun 23/26 187,951 211,235 82,000 BMW Canada Inc. 2.15% Nov 26/21 81,993 83,286 141,000 Bruce Power LP 4.00% Jun 21/30 140,901 163,498 57,000 BMW Canada Inc. 2.41% Nov 27/23 56,987 59,737 164,000 Bruce Power LP 4.01% Jun 21/29 164,007 190,465 98,000 BMW Canada Inc. 2.57% Aug 06/21 97,971 99,277 164,000 Bruce Power LP 4.13% Jun 21/33 163,990 193,102 60,000 Bow Centre Street LP 3.80% Jun 13/23 58,212 61,647 177,000 Bruce Power LP 4.75% Jun 21/49 197,059 229,635 47,000 Bridging North America General Partnership 4.02% May 31/38 47,541 52,383 10,000 Business Development Bank of Canada 4.35% Feb 28/22 11,375 10,462 36,000 Bridging North America General Partnership 4.34% Aug 31/53 37,269 42,019 180,000 Cadillac Fairview Finance Trust 4.31% Jan 25/21 194,217 180,374 90,000 British Columbia Ferry Services Inc. 2.79% Oct 15/49 93,321 95,790 229,000 Cameco Corporation 2.95% Oct 21/27 228,943 235,920 71,000 British Columbia Ferry Services Inc. 140,000 Cameco Corporation 4.19% Jun 24/24 140,179 150,509 4.29% Apr 28/44 71,000 93,168 142,000 Canada Post Corp. 4.08% Jul 16/25 157,649 163,656 57,000 British Columbia Ferry Services Inc. 70,000 Canada Post Corp. 4.36% Jul 16/40 82,792 99,864 4.70% Oct 23/43 61,173 78,505 165,000 Canada Western Bank 1.57% Sep 14/23 165,000 167,875 80,000 British Columbia Ferry Services Inc. 616,000 Canadian Imperial Bank of Commerce 5.02% Mar 20/37 88,044 107,072 2.00% Apr 17/25 615,532 642,782 69,000 British Columbia Ferry Services Inc. 408,000 Canadian Imperial Bank of Commerce 5.58% Jan 11/38 81,475 98,597 2.01% Jul 21/30 407,845 420,116 85,000 British Columbia Ferry Services Inc. 319,000 Canadian Imperial Bank of Commerce 6.25% Oct 13/34 107,562 124,230 2.04% Mar 21/22 316,339 325,474 163,000 Brookfield Asset Management Inc. 476,000 Canadian Imperial Bank of Commerce 3.80% Mar 16/27 162,945 183,424 2.30% Jul 11/22 475,976 489,637

25 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Par Average Fair Par Average Fair Value ($) Security Cost ($) Value ($) Value ($) Security Cost ($) Value ($) 460,000 Canadian Imperial Bank of Commerce 250,000 Canadian Utilities Limited 3.12% 2.35% Aug 28/24 460,000 484,512 Nov 09/22 244,250 261,830 404,000 Canadian Imperial Bank of Commerce 182,000 Canadian Western Bank 1.82% Dec 16/27 182,000 183,625 2.43% Jun 09/23 403,891 421,056 78,000 Canadian Western Bank 2.60% Sep 06/24 78,000 82,157 289,000 Canadian Imperial Bank of Commerce 206,000 Canadian Western Bank 2.61% Jan 30/25 206,000 217,609 2.47% Dec 05/22 287,577 300,086 119,000 Canadian Western Bank 2.74% Jun 16/22 119,280 122,673 573,000 Canadian Imperial Bank of Commerce 47,000 Canadian Western Bank 2.83% Mar 14/22 47,000 48,259 2.95% Jun 19/29 575,061 608,789 132,000 Canadian Western Bank 2.92% Dec 15/22 132,000 137,607 515,000 Canadian Imperial Bank of Commerce 2.97% Jul 11/23 518,535 546,167 113,000 Canadian Western Bank 3.67% Jun 11/29 113,000 119,396 435,000 Canadian Imperial Bank of Commerce 81,991 Capital City Link General Partnership 3.29% Jan 15/24 442,151 467,796 4.39% Mar 31/46 83,657 98,501 475,000 Canadian Imperial Bank of Commerce 100,000 Capital Desjardins Inc. 4.95% Dec 15/26 108,358 104,185 3.30% May 26/25 476,169 526,634 66,000 Capital Power Corp. 3.15% Oct 01/32 66,000 67,983 250,000 Canadian Imperial Bank of Commerce 133,000 Capital Power Corp. 4.28% Sep 18/24 133,000 146,421 3.42% Jan 26/26 254,075 250,436 72,000 Capital Power Corp. 4.42% Feb 08/30 71,987 83,334 462,000 Canadian Imperial Bank of Commerce 92,000 Capital Power Corp. 4.99% Jan 23/26 92,000 106,054 3.45% Apr 04/28 463,628 488,718 231,200 CARDS II Trust Series 2019-2 Cl. A 40,000 Canadian National Railway Company 2.43% Nov 15/24 231,200 245,402 2.75% Feb 18/21 39,738 40,068 137,000 Caterpillar Financial Services Limited 56,000 Canadian National Railway Company 2.80% Jun 08/21 136,941 138,469 2.80% Sep 22/25 55,821 61,012 147,000 Central 1 Credit Union 2.58% Dec 06/23 147,000 154,013 93,000 Canadian National Railway Company 122,000 Central 1 Credit Union 2.60% Nov 07/22 121,955 126,172 3.00% Feb 08/29 92,570 105,015 54,000 Central 1 Credit Union 3.06% Oct 14/26 53,978 54,711 163,000 Canadian National Railway Company 8,000 Centre Hospitalier de l'Universite de 3.05% Feb 08/50 161,645 179,806 Montreal 4.45% Oct 01/49 8,000 11,288 161,000 Canadian National Railway Company 81,000 Chartwell Retirement Residences 3.20% Jul 31/28 160,263 183,417 3.79% Dec 11/23 81,000 84,553 158,000 Canadian National Railway Company 49,000 Chartwell Retirement Residences 4.21% 3.60% Aug 01/47 156,967 189,811 Apr 28/25 49,000 52,351 99,000 Canadian National Railway Company 101,000 Chip Mortgage Trust 1.74% Dec 15/25 101,000 101,806 3.60% Jul 31/48 97,801 119,426 27,000 CHIP Mortgage Trust 2.98% Nov 15/41 27,000 27,491 112,000 Canadian National Railway Company 3.60% Feb 08/49 111,085 135,398 90,000 Choice Properties Limited Partnership 3.60% Sep 20/21 95,521 91,224 101,000 Canadian National Railway Company 3.95% Sep 22/45 102,076 126,626 110,000 Choice Properties Limited Partnership 3.60% Sep 20/22 114,238 114,622 161,000 Canadian Natural Resources, Ltd. 1.45% Nov 16/23 160,816 163,204 142,000 Choice Properties Real Estate Investment Trust 2.85% May 21/27 142,000 151,664 144,000 Canadian Natural Resources, Ltd. 2.50% Jan 17/28 143,974 149,126 35,000 Choice Properties Real Estate Investment Trust 2.95% Jan 18/23 34,999 36,507 332,000 Canadian Natural Resources, Ltd. 3.31% Feb 11/22 331,950 341,422 140,000 Choice Properties Real Estate Investment Trust 2.98% Mar 04/30 140,445 149,191 202,000 Canadian Natural Resources, Ltd. 3.42% Dec 01/26 202,000 221,168 91,000 Choice Properties Real Estate Investment Trust 3.01% Mar 21/22 90,985 93,487 146,000 Canadian Natural Resources, Ltd. 3.55% Jun 03/24 145,464 157,174 104,000 Choice Properties Real Estate Investment Trust 3.20% Mar 07/23 104,000 109,077 93,000 Canadian Natural Resources, Ltd. 4.85% May 30/47 93,731 111,409 180,000 Choice Properties Real Estate Investment Trust 3.53% Jun 11/29 180,000 200,089 100,000 Canadian Pacific Railway Company 3.05% Mar 09/50 101,765 106,502 114,000 Choice Properties Real Estate Investment Trust 3.55% Jan 10/25 114,000 124,101 183,000 Canadian Pacific Railway Company 3.15% Mar 13/29 182,610 206,293 137,000 Choice Properties Real Estate Investment Trust 3.56% Sep 09/24 137,000 148,609 9,000 Canadian Pacific Railway Company 5.10% Jan 14/22 8,975 9,405 35,000 Choice Properties Real Estate Investment Trust 3.83% Mar 04/50 35,397 36,944 100,000 Canadian Pacific Railway Company 6.45% Nov 17/39 125,926 155,748 19,000 Choice Properties Real Estate Investment Trust 4.06% Nov 24/25 19,000 21,280 25,620 Canadian Pacific Railway Company 6.91% Oct 01/24 30,582 28,770 241,000 Choice Properties Real Estate Investment Trust 4.18% Mar 08/28 239,486 277,777 218,000 Canadian Tire Corporation, Limited 3.17% Jul 06/23 217,568 230,300 65,000 Choice Properties Real Estate Investment Trust 4.29% Feb 08/24 65,000 71,097 25,000 Canadian Tire Corporation, Limited 5.61% Sep 04/35 26,158 30,010 18,000 Choice Properties Real Estate Investment Trust 4.90% Jul 05/23 18,000 19,612 75,000 Canadian Tire Corporation, Limited 6.45% Feb 24/34 89,889 95,672

26 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Par Average Fair Par Average Fair Value ($) Security Cost ($) Value ($) Value ($) Security Cost ($) Value ($) 31,000 Choice Properties Real Estate 54,000 CT Real Estate Investment Trust 3.53% Investment Trust 5.27% Mar 07/46 31,000 39,374 Jun 09/25 54,000 58,767 86,000 CI Financial Corp. 2.78% Nov 25/21 86,000 87,519 75,000 CT Real Estate Investment Trust 3.87% 78,000 CI Financial Corp. 3.22% Jul 22/24 78,000 81,916 Dec 07/27 73,950 84,589 104,000 CI Financial Corp. 3.52% Jul 20/23 104,000 109,314 38,000 CU Inc. 2.61% Sep 28/50 38,000 38,445 155,000 CI Financial Corp. 3.76% May 26/25 155,000 166,025 93,000 CU Inc. 2.96% Sep 07/49 93,000 100,833 133,000 CI Financial Corp. 3.90% Sep 27/27 132,999 142,887 37,000 CU Inc. 3.55% Nov 22/47 37,000 44,103 40,000 CIBC Capital Trust 10.25% Jun 30/2108 57,618 43,873 194,000 CU Inc. 3.76% Nov 19/46 194,415 237,947 45,833 Clover Limited Partnership 4.22% 142,000 CU Inc. 3.81% Sep 10/42 142,365 171,817 Mar 31/34 45,833 51,070 20,000 CU Inc. 3.83% Sep 11/62 20,000 25,962 56,400 Clover Limited Partnership 4.22% 75,000 CU Inc. 3.86% Nov 14/52 71,625 95,734 Jun 30/34 56,400 62,892 178,000 CU Inc. 3.95% Nov 23/48 178,000 226,953 28,000 Coast Capital Savings Credit Union 158,000 CU Inc. 3.96% Jul 27/45 163,075 198,378 5.00% May 03/28 28,000 29,875 348,000 CU Inc. 4.09% Sep 02/44 361,854 442,126 39,000 Coast Capital Savings Credit Union 76,000 CU Inc. 4.21% Oct 29/55 82,603 103,654 5.25% Oct 29/30 39,000 43,900 20,000 CU Inc. 4.54% Oct 24/41 21,618 26,444 60,000 Cogeco Communications Inc. 4.18% May 26/23 60,044 63,981 39,000 CU Inc. 4.56% Nov 07/53 40,359 55,526 16,000 Cogeco Communications Inc. 4.93% 49,000 CU Inc. 4.59% Oct 24/61 53,384 72,680 Feb 14/22 16,006 16,722 200,000 CU Inc. 4.72% Sep 09/43 216,038 273,843 32,124 Comber Wind Financial Corp. 5.13% 125,000 CU Inc. 4.80% Nov 22/21 141,969 129,813 Nov 15/30 33,180 37,256 52,000 CU Inc. 4.95% Nov 18/50 50,958 77,684 69,000 Cominar Real Estate Investment Trust 50,000 CU Inc. 5.03% Nov 20/36 53,400 67,201 4.16% Jun 01/22 69,000 70,152 75,000 CU Inc. 5.18% Nov 21/35 86,420 101,323 44,000 Cominar Real Estate Investment Trust 111,000 CU Inc. 5.56% Oct 30/37 134,114 158,518 4.25% Dec 08/21 44,000 44,513 75,000 CU Inc. 5.58% May 26/38 93,180 107,712 64,000 Cominar Real Estate Investment Trust 50,000 CU Inc. 5.90% Nov 20/34 61,684 70,866 4.25% May 23/23 64,000 64,708 40,000 CU Inc. 6.22% Mar 06/24 45,966 46,594 142,000 Co-operators Financial Services Ltd. 3.33% May 13/30 142,000 145,062 36,000 CU Inc. 6.50% Mar 07/39 50,117 56,593 138,484 Cordelio Amalco GP I 4.09% Jun 30/34 138,484 157,129 12,000 CU Inc. 9.92% Apr 01/22 18,675 13,359 136,659 Cordelio Amalco GP I 4.09% Sep 30/34 136,659 154,701 132,000 Daimler Canada Finance Inc. 1.65% Sep 22/25 131,798 134,587 434,000 CPPIB Capital Inc. 1.95% Sep 30/29 432,355 462,274 106,000 Daimler Canada Finance Inc. 2.23% 582,000 CPPIB Capital Inc. 3.00% Jun 15/28 582,000 664,370 Dec 16/21 105,990 107,749 37,000 Crombie Real Estate Investment Trust 184,000 Daimler Canada Finance Inc. 2.54% 2.69% Mar 31/28 37,000 38,373 Aug 21/23 183,985 192,012 44,000 Crombie Real Estate Investment Trust 183,000 Daimler Canada Finance Inc. 2.57% 3.21% Oct 09/30 44,000 46,229 Nov 22/22 182,984 189,395 74,000 Crombie Real Estate Investment Trust 39,000 Daimler Canada Finance Inc. 2.97% 3.68% Aug 26/26 74,000 81,139 Mar 13/24 38,993 41,449 74,000 Crombie Real Estate Investment Trust 136,000 Daimler Canada Finance Inc. 3.05% 3.92% Jun 21/27 74,000 82,580 May 16/22 135,980 140,506 12,000 Crombie Real Estate Investment Trust 48,000 Daimler Canada Finance Inc. 3.30% 3.96% Jun 01/21 12,047 12,163 Aug 16/22 47,986 50,039 55,000 Crombie Real Estate Investment Trust 99,000 Dollarama Inc. 1.51% Sep 20/27 99,000 99,525 4.07% Nov 21/22 55,000 58,012 76,000 Dollarama Inc. 2.20% Nov 10/22 74,725 78,203 77,000 Crombie Real Estate Investment Trust 4.80% Jan 31/25 76,997 86,703 306,000 Dollarama Inc. 3.55% Nov 06/23 304,583 329,208 33,000 Crosslinx Transit Solutions General 40,000 Dream Industrial Real Estate Partnership 4.56% Jun 30/51 32,429 38,809 Investment Trust 1.66% Dec 22/25 40,000 40,228 101,000 Crosslinx Transit Solutions General 50,000 Eagle Credit Card Trust 1.27% Jul 17/25 50,000 50,494 Partnership 4.65% Sep 30/46 100,745 120,044 86,000 Eagle Credit Card Trust 2.22% Jul 17/24 86,000 90,112 39,000 CT Real Estate Investment Trust 2.16% 78,000 Eagle Credit Card Trust 2.63% Oct 17/22 78,000 80,838 Jun 01/21 39,000 39,202 98,000 Eagle Credit Card Trust 3.04% Jul 17/23 98,000 103,727 101,000 CT Real Estate Investment Trust 2.37% 45,000 E-L Financial Corporation Limited Jan 06/31 101,000 101,778 4.00% Jun 22/50 44,766 48,153 32,000 CT Real Estate Investment Trust 2.85% 125,000 Emera Incorporated 2.90% Jun 16/23 127,625 131,187 Jun 09/22 32,000 32,911 69,000 Enbridge Gas Inc. 2.37% Aug 09/29 68,976 74,603 54,000 CT Real Estate Investment Trust 3.29% 77,000 Enbridge Gas Inc. 2.50% Aug 05/26 77,286 83,131 Jun 01/26 54,000 58,562 120,000 Enbridge Gas Inc. 2.76% Jun 02/21 122,401 120,936 32,000 CT Real Estate Investment Trust 3.47% 122,000 Enbridge Gas Inc. 2.81% Jun 01/26 122,000 133,323 Jun 16/27 32,000 35,243 203,000 Enbridge Gas Inc. 2.88% Nov 22/27 202,860 225,839

27 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Par Average Fair Par Average Fair Value ($) Security Cost ($) Value ($) Value ($) Security Cost ($) Value ($) 123,000 Enbridge Gas Inc. 2.90% Apr 01/30 122,862 137,738 75,000 Enbridge Pipelines Inc. 8.20% Feb 15/24 106,368 90,931 48,000 Enbridge Gas Inc. 3.01% Aug 09/49 48,000 52,616 16,000 Energir Inc. 3.28% Oct 09/46 15,976 18,358 87,000 Enbridge Gas Inc. 3.15% Aug 22/24 88,035 94,139 32,000 Energir Inc. 3.30% Mar 31/45 29,993 36,509 49,000 Enbridge Gas Inc. 3.19% Sep 17/25 48,979 54,091 100,000 Energir Inc. 3.53% May 16/47 99,890 119,513 132,000 Enbridge Gas Inc. 3.31% Sep 11/25 131,792 146,465 100,000 Energir Inc. 5.45% Jul 12/21 112,852 102,607 196,000 Enbridge Gas Inc. 3.51% Nov 29/47 196,000 232,620 100,000 Energir Inc. 5.70% Jul 10/36 104,290 142,445 59,000 Enbridge Gas Inc. 3.59% Nov 22/47 58,903 70,904 50,000 Energir Inc. 9.00% May 16/25 74,560 67,335 64,000 Enbridge Gas Inc. 3.65% Apr 01/50 63,861 78,386 114,000 ENMAX Corporation 2.92% Oct 18/22 114,000 118,522 74,000 Enbridge Gas Inc. 3.79% Jul 10/23 77,995 79,410 135,000 ENMAX Corporation 3.33% Jun 02/25 134,995 146,266 118,000 Enbridge Gas Inc. 3.80% Jun 01/46 117,936 145,264 66,000 ENMAX Corporation 3.81% Dec 05/24 66,000 72,145 138,000 Enbridge Gas Inc. 4.00% Aug 22/44 138,546 173,189 49,000 ENMAX Corporation 3.84% Jun 05/28 49,000 55,495 167,000 Enbridge Gas Inc. 4.20% Jun 02/44 169,077 214,992 136,000 ENMAX Corporation 3.88% Oct 18/29 136,000 154,782 77,000 Enbridge Gas Inc. 4.50% Nov 23/43 82,097 102,725 31,000 EPCOR Utilities Inc. 1.30% May 19/23 31,000 31,571 60,000 Enbridge Gas Inc. 4.77% Dec 17/21 56,523 62,484 30,000 EPCOR Utilities Inc. 1.95% Jul 08/22 30,000 30,711 25,000 Enbridge Gas Inc. 4.85% Apr 25/22 28,737 26,437 48,000 EPCOR Utilities Inc. 2.90% May 19/50 48,000 51,378 121,000 Enbridge Gas Inc. 4.88% Jun 21/41 135,765 165,091 114,000 EPCOR Utilities Inc. 3.11% Jul 08/49 116,532 127,062 79,000 Enbridge Gas Inc. 4.95% Nov 22/50 92,316 118,352 158,000 EPCOR Utilities Inc. 3.55% Nov 27/47 158,000 188,847 68,000 Enbridge Gas Inc. 5.20% Jul 23/40 79,528 95,739 100,000 EPCOR Utilities Inc. 3.95% Nov 26/48 100,000 127,959 100,000 Enbridge Gas Inc. 5.21% Feb 25/36 114,701 134,568 98,000 EPCOR Utilities Inc. 4.55% Feb 28/42 104,559 130,290 30,000 Enbridge Gas Inc. 5.46% Sep 11/36 31,429 41,606 65,000 EPCOR Utilities Inc. 5.65% Nov 16/35 81,416 91,013 75,000 Enbridge Gas Inc. 6.05% Sep 02/38 96,423 112,596 55,000 EPCOR Utilities Inc. 5.75% Nov 24/39 58,054 81,506 25,000 Enbridge Gas Inc. 6.10% May 19/28 29,233 32,385 66,000 EPCOR Utilities Inc. 6.65% Apr 15/38 82,488 104,103 50,000 Enbridge Gas Inc. 6.16% Dec 16/33 62,475 71,069 44,000 Equitable Bank 1.77% Sep 21/23 44,000 44,650 75,000 Enbridge Gas Inc. 6.65% Nov 03/27 101,782 98,904 81,000 Equitable Bank 1.88% Nov 26/25 81,000 81,433 40,000 Enbridge Gas Inc. 6.90% Nov 15/32 57,092 59,852 29,000 Equitable Bank 2.95% Sep 26/22 29,000 30,004 35,000 Enbridge Gas Inc. 8.65% Nov 10/25 51,467 46,835 73,000 Equitable Bank 3.20% Apr 16/21 73,000 73,533 254,000 Enbridge Inc. 2.99% Oct 03/29 253,825 274,551 179,000 Fair Hydro Trust 3.36% May 15/35 179,005 208,085 227,000 Enbridge Inc. 3.19% Dec 05/22 231,845 237,864 142,000 Fair Hydro Trust 3.52% May 15/38 142,003 170,218 327,000 Enbridge Inc. 3.20% Jun 08/27 332,034 357,272 226,000 Fairfax Financial Holdings Limited 60,000 Enbridge Inc. 3.94% Jan 13/23 61,505 63,897 4.23% Jun 14/29 225,892 245,728 147,000 Enbridge Inc. 3.94% Jun 30/23 150,281 157,325 338,000 Fairfax Financial Holdings Limited 4.25% Dec 06/27 337,973 369,888 184,000 Enbridge Inc. 3.95% Nov 19/24 188,201 203,003 187,000 Fairfax Financial Holdings Limited 192,000 Enbridge Inc. 4.24% Aug 27/42 181,603 212,756 4.50% Mar 22/23 185,936 198,977 111,000 Enbridge Inc. 4.26% Feb 01/21 116,325 111,313 141,000 Fairfax Financial Holdings Limited 27,000 Enbridge Inc. 4.56% Mar 28/64 26,979 32,069 4.70% Dec 16/26 142,094 157,643 248,000 Enbridge Inc. 4.57% Mar 11/44 251,373 288,628 48,000 Fairfax Financial Holdings Limited 20,000 Enbridge Inc. 4.85% Feb 22/22 20,981 20,952 4.95% Mar 03/25 47,575 53,554 53,000 Enbridge Inc. 4.87% Nov 21/44 53,508 64,196 158,000 Fairfax Financial Holdings Limited 91,000 Enbridge Inc. 5.12% Sep 28/40 100,637 111,649 5.84% Oct 14/22 160,004 170,350 525,000 Enbridge Inc. 5.38% Sep 27/77 523,693 557,402 30,000 Farm Credit Canada 4.55% Apr 12/21 33,368 30,365 50,000 Enbridge Inc. 5.57% Nov 14/35 57,645 62,633 80,000 Federated Co-operatives Limited 119,000 Enbridge Inc. 5.75% Sep 02/39 136,841 155,047 3.92% Jun 17/25 81,536 86,057 218,000 Enbridge Inc. 6.63% Apr 12/78 218,000 249,466 329,000 Federation des Caisses Desjardins du Quebec 2.09% Jan 17/22 329,820 334,991 69,000 Enbridge Inc. 7.20% Jun 18/32 92,134 95,336 261,000 Federation des Caisses Desjardins du 30,000 Enbridge Inc. 7.22% Jul 24/30 37,866 41,149 Quebec 2.39% Aug 25/22 259,890 269,454 100,000 Enbridge Pipelines Inc. 2.93% Nov 30/22 102,158 104,386 353,000 Federation des Caisses Desjardins du 170,000 Enbridge Pipelines Inc. 3.00% Aug 10/26 169,985 185,398 Quebec 2.42% Oct 04/24 353,282 372,950 183,000 Enbridge Pipelines Inc. 3.45% Sep 29/25 189,600 202,202 154,000 Federation des Caisses Desjardins du 186,000 Enbridge Pipelines Inc. 3.52% Feb 22/29 185,922 210,713 Quebec 2.86% May 26/30 154,000 163,930 77,000 Enbridge Pipelines Inc. 3.79% Aug 17/23 82,844 82,562 279,000 Federation des Caisses Desjardins du 156,000 Enbridge Pipelines Inc. 4.13% Aug 09/46 158,035 177,765 Quebec 3.06% Sep 11/23 279,000 297,475 200,000 Enbridge Pipelines Inc. 4.33% Feb 22/49 215,405 236,629 40,475 Fifth Avenue LP 4.71% Aug 05/21 44,485 41,148 89,000 Enbridge Pipelines Inc. 4.55% Aug 17/43 96,760 106,253 460,000 Financement-Quebec 5.25% Jun 01/34 551,056 654,602 119,000 Enbridge Pipelines Inc. 4.55% Sep 29/45 117,543 143,518 91,000 Finning International Inc. 2.63% Aug 14/26 91,000 95,225 35,000 Enbridge Pipelines Inc. 5.08% Dec 19/36 39,095 43,408 30,000 Finning International Inc. 2.84% Sep 29/21 30,000 30,493 90,000 Enbridge Pipelines Inc. 5.33% Apr 06/40 97,750 115,674 15,000 Finning International Inc. 5.08% Jun 13/42 15,000 18,760 76,000 Enbridge Pipelines Inc. 5.35% Nov 10/39 86,047 97,407 99,000 First Capital Real Estate Investment 62,000 Enbridge Pipelines Inc. 6.35% Nov 17/23 78,965 71,298 Trust 3.45% Mar 01/28 99,000 104,647

28 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Par Average Fair Par Average Fair Value ($) Security Cost ($) Value ($) Value ($) Security Cost ($) Value ($) 29,000 First Capital Real Estate Investment 34,000 FortisBC Energy Inc. 2.54% Jul 13/50 34,000 34,282 Trust 3.46% Jan 22/27 29,000 30,705 42,000 FortisBC Energy Inc. 2.58% Apr 08/26 41,974 45,352 123,000 First Capital Real Estate Investment 29,000 FortisBC Energy Inc. 2.82% Aug 09/49 28,983 30,911 Trust 3.60% May 06/26 125,753 130,829 56,000 FortisBC Energy Inc. 3.38% Apr 13/45 56,000 64,689 49,000 First Capital Real Estate Investment 43,000 FortisBC Energy Inc. 3.67% Apr 09/46 43,431 52,233 Trust 3.75% Jul 12/27 49,000 52,745 60,000 FortisBC Energy Inc. 3.69% Oct 30/47 60,598 73,732 250,000 First Capital Real Estate Investment Trust 3.90% Oct 30/23 253,307 265,528 40,000 FortisBC Energy Inc. 3.78% Mar 06/47 39,952 49,703 100,000 First Capital Real Estate Investment 76,000 FortisBC Energy Inc. 3.85% Dec 07/48 75,893 96,292 Trust 3.95% Dec 05/22 103,984 104,727 28,000 FortisBC Energy Inc. 4.25% Dec 09/41 28,915 35,996 54,000 First Capital Real Estate Investment 10,000 FortisBC Energy Inc. 5.20% Dec 06/40 9,971 14,148 Trust 4.32% Jul 31/25 56,141 59,215 100,000 FortisBC Energy Inc. 5.55% Sep 25/36 127,010 140,716 29,000 First Capital Real Estate Investment 185,000 FortisBC Energy Inc. 5.80% May 13/38 193,923 270,422 Trust 4.43% Jan 31/22 28,884 29,972 25,000 FortisBC Energy Inc. 5.90% Feb 26/35 30,425 35,472 16,000 First Capital Real Estate Investment 44,000 FortisBC Energy Inc. 6.00% Oct 02/37 51,488 65,305 Trust 4.50% Mar 01/21 16,063 16,085 75,000 FortisBC Energy Inc. 6.05% Feb 15/38 96,637 112,186 63,000 First Capital Real Estate Investment 75,000 FortisBC Energy Inc. 6.50% May 01/34 94,350 110,226 Trust 4.79% Aug 30/24 65,240 69,522 50,000 FortisBC Energy Inc. 6.55% Feb 24/39 76,766 79,512 64,000 First National Financial Corporation 2.96% Nov 17/25 64,000 65,120 99,000 FortisBC Inc. 4.00% Oct 28/44 104,879 121,640 82,000 First National Financial Corporation 12,000 FortisBC Inc. 5.00% Nov 24/50 11,979 17,695 3.58% Nov 25/24 82,000 85,801 15,000 FortisBC Inc. 5.60% Nov 09/35 17,403 20,934 117,963 First Nations ETF LP 4.14% Dec 31/41 117,963 132,622 50,000 FortisBC Inc. 5.90% Jul 04/47 67,950 80,773 69,000 First Nations Finance Authority 3.05% 80,000 FortisBC Inc. 6.10% Jun 02/39 106,038 120,635 Jun 01/28 67,981 78,310 190,000 GE Capital Canada Funding Company 26,000 First Nations Finance Authority 3.40% 4.60% Jan 26/22 203,934 197,302 Jun 26/24 27,428 28,531 184,000 General Motors Financial of Canada, 270,000 Ford Credit Canada Company 2.58% Ltd. 2.60% Jun 01/22 183,810 188,558 May 10/21 270,000 270,475 184,000 General Motors Financial of Canada, 232,000 Ford Credit Canada Company 2.71% Ltd. 5.95% May 14/24 183,599 210,763 Feb 23/22 232,000 232,331 104,000 Genworth MI Canada Inc. 2.96% 99,000 Ford Credit Canada Company 2.77% Mar 01/27 103,999 108,028 Jun 22/22 99,000 99,078 65,000 Genworth MI Canada Inc. 4.24% 144,000 Ford Credit Canada Company 3.28% Apr 01/24 65,000 70,137 Jul 02/21 145,355 144,956 38,000 George Weston Limited 4.12% Jun 17/24 38,000 41,470 245,000 Ford Credit Canada Company 3.35% 78,000 Gibson Energy Inc. 2.45% Jul 14/25 77,847 81,072 Sep 19/22 245,000 246,885 58,000 Gibson Energy Inc. 2.85% Jul 14/27 57,986 61,248 136,000 Ford Credit Canada Company 3.74% 273,000 Gibson Energy Inc. 3.60% Sep 17/29 272,181 298,870 May 08/23 136,000 138,124 32,186 Grand Renewable Solar LP 3.93% 255,000 Ford Credit Canada Company 4.46% Jan 31/35 32,186 35,983 Nov 13/24 255,000 261,409 13,971 GrandLinq GP 4.77% Mar 31/47 13,971 16,947 191,000 Fortified Trust 2.34% Jan 23/23 191,000 197,861 72,000 Granite REIT Holdings LP 2.38% 173,000 Fortified Trust 2.56% Mar 23/24 173,000 183,011 Dec 18/30 72,000 73,122 187,000 Fortis Inc. 2.85% Dec 12/23 187,372 197,795 58,000 Granite REIT Holdings LP 3.06% 75,000 Fortis Inc. 6.51% Jul 04/39 95,920 113,715 Jun 04/27 58,000 62,976 35,000 FortisAlberta Inc. 2.63% Jun 08/51 35,000 35,586 39,000 Granite REIT Holdings LP 3.79% 91,000 FortisAlberta Inc. 3.30% Sep 30/24 95,013 99,023 Jul 05/21 39,000 39,614 49,000 FortisAlberta Inc. 3.34% Sep 21/46 48,917 56,192 234,000 Granite REIT Holdings LP 3.87% 87,000 FortisAlberta Inc. 3.67% Sep 09/47 87,000 105,732 Nov 30/23 234,005 253,058 63,000 FortisAlberta Inc. 3.73% Sep 18/48 62,646 77,678 190,000 Greater Toronto Airports Authority 1.54% May 03/28 189,880 194,252 16,000 FortisAlberta Inc. 3.98% Oct 23/52 15,990 20,706 143,000 Greater Toronto Airports Authority 59,000 FortisAlberta Inc. 4.11% Sep 29/44 66,758 75,199 2.73% Apr 03/29 142,963 158,224 54,000 FortisAlberta Inc. 4.27% Sep 22/45 57,578 70,798 172,000 Greater Toronto Airports Authority 60,000 FortisAlberta Inc. 4.54% Oct 18/41 70,623 79,267 2.75% Oct 17/39 171,763 180,808 34,000 FortisAlberta Inc. 4.80% Oct 27/50 38,194 49,758 100,000 Greater Toronto Airports Authority 70,000 FortisAlberta Inc. 4.85% Sep 11/43 77,718 97,334 3.04% Sep 21/22 102,421 103,648 30,000 FortisAlberta Inc. 5.37% Oct 30/39 31,908 42,652 186,000 Greater Toronto Airports Authority 15,000 FortisAlberta Inc. 5.40% Apr 21/36 17,190 20,509 3.26% Jun 01/37 181,958 208,367 15,000 FortisAlberta Inc. 5.85% Apr 15/38 18,240 21,950 304,000 Greater Toronto Airports Authority 50,000 FortisAlberta Inc. 6.22% Oct 31/34 65,274 72,357 4.53% Dec 02/41 319,064 404,156 20,000 FortisAlberta Inc. 7.06% Feb 14/39 25,794 33,024 154,000 Greater Toronto Airports Authority 5.30% Feb 25/41 177,179 222,221

29 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Par Average Fair Par Average Fair Value ($) Security Cost ($) Value ($) Value ($) Security Cost ($) Value ($) 143,000 Greater Toronto Airports Authority 214,000 Husky Energy Inc. 3.60% Mar 10/27 215,535 226,451 5.63% Jun 07/40 180,308 211,871 196,000 Hydro One Inc. 1.41% Oct 15/27 195,935 198,824 136,000 Greater Toronto Airports Authority 69,000 iA Financial Corporation Inc. 2.40% 6.45% Dec 03/27 182,569 180,190 Feb 21/30 69,000 72,078 66,965 Greater Toronto Airports Authority 92,000 iA Financial Corporation Inc. 3.07% 6.45% Jul 30/29 87,878 82,463 Sep 24/31 92,000 99,824 150,000 Greater Toronto Airports Authority 114,000 IGM Financial Inc. 3.44% Jan 26/27 113,924 126,601 6.47% Feb 02/34 198,223 220,375 224,000 IGM Financial Inc. 4.12% Dec 09/47 224,000 263,067 155,000 Greater Toronto Airports Authority 69,000 IGM Financial Inc. 4.17% Jul 13/48 69,000 82,245 6.98% Oct 15/32 221,167 231,539 161,000 IGM Financial Inc. 4.21% Mar 21/50 161,000 194,366 190,000 Greater Toronto Airports Authority 7.05% Jun 12/30 254,898 273,260 22,000 IGM Financial Inc. 4.56% Jan 25/47 22,000 27,323 150,000 Greater Toronto Airports Authority 25,000 IGM Financial Inc. 6.00% Dec 10/40 26,000 34,947 7.10% Jun 04/31 215,181 220,871 90,000 IGM Financial Inc. 7.11% Mar 07/33 118,128 129,670 227,000 Great-West Lifeco Inc. 2.38% May 14/30 227,000 240,820 115,000 Industrial Alliance Insurance and 120,000 Great-West Lifeco Inc. 2.98% Jul 08/50 121,735 123,475 Financial Services Inc. 2.64% Feb 23/27 114,971 117,425 205,000 Great-West Lifeco Inc. 3.34% Feb 28/28 205,000 232,074 29,000 Industrial Alliance Insurance and Financial Services Inc. 3.30% Sep 15/28 28,993 30,726 135,000 Great-West Lifeco Inc. 6.00% Nov 16/39 158,072 197,101 78,990 InPower BC General Partnership 4.47% 130,000 Great-West Lifeco Inc. 6.67% Mar 21/33 162,402 186,776 Mar 31/33 78,514 90,779 50,000 Great-West Lifeco Inc. 6.74% Nov 24/31 67,765 71,662 96,000 Intact Financial Corp. 1.93% Dec 16/30 96,000 96,931 120,000 H&R Real Estate Investment Trust 107,000 Intact Financial Corp. 2.85% Jun 07/27 106,982 116,179 2.92% May 06/22 120,115 122,126 69,000 Intact Financial Corp. 2.95% Dec 16/50 69,000 70,440 91,000 H&R Real Estate Investment Trust 3.37% Jan 30/24 91,062 94,529 103,000 Intact Financial Corp. 3.77% Mar 02/26 102,982 115,684 115,000 H&R Real Estate Investment Trust 105,000 Intact Financial Corp. 4.70% Aug 18/21 108,697 107,678 3.42% Jan 23/23 115,000 118,739 85,000 Intact Financial Corp. 5.16% Jun 16/42 90,815 115,686 78,000 H&R Real Estate Investment Trust 40,000 Intact Financial Corp. 6.40% Nov 23/39 42,766 60,366 4.07% Jun 16/25 78,000 83,587 11,289 Integrated Team Solutions PCH 10,000 Halifax International Airport Authority Partnership 4.88% May 31/46 11,289 14,261 4.89% Nov 15/50 10,000 14,870 18,883 Integrated Team Solutions SJHC 20,000 Halifax International Airport Authority Partnership 5.95% Nov 30/42 18,883 25,464 5.50% Jul 19/41 25,037 29,568 159,000 Inter Pipeline, Ltd. 2.61% Sep 13/23 159,000 164,833 43,000 Hamilton Health Sciences Corporation 177,000 Inter Pipeline, Ltd. 2.73% Apr 18/24 175,412 184,368 3.68% Jan 17/59 43,000 55,334 90,000 Inter Pipeline, Ltd. 3.17% Mar 24/25 88,700 95,247 146,000 HCN Canadian Holdings-1 LP 2.95% 142,000 Inter Pipeline, Ltd. 3.48% Dec 16/26 143,238 152,912 Jan 15/27 145,841 154,323 108,000 Inter Pipeline, Ltd. 3.78% May 30/22 109,455 112,441 362,194 Health Montreal Collective LP 6.72% 286,000 Inter Pipeline, Ltd. 4.23% Jun 01/27 286,000 318,078 Sep 30/49 461,510 531,814 140,000 Inter Pipeline, Ltd. 4.64% May 30/44 141,481 150,315 195,000 Honda Canada Finance Inc. 1.34% Mar 17/26 195,000 196,821 85,000 Inter Pipeline, Ltd. 4.97% Feb 02/21 90,475 85,266 182,000 Honda Canada Finance Inc. 1.82% 141,000 Inter-American Development Bank Dec 07/21 182,000 184,390 0.88% Aug 27/27 140,143 140,733 95,000 Honda Canada Finance Inc. 2.27% 92,000 Inter-American Development Bank Jul 15/22 95,000 97,592 4.40% Jan 26/26 102,143 108,720 194,000 Honda Canada Finance Inc. 2.49% 350,000 International Bank for Reconstruction Dec 19/22 194,000 201,162 & Development 0.75% Jul 02/25 349,258 352,191 166,000 Honda Canada Finance Inc. 2.50% 345,000 International Bank for Reconstruction Jun 04/24 168,445 175,302 & Development 1.80% Jul 26/24 344,886 361,030 136,000 Honda Canada Finance Inc. 2.54% 507,000 International Bank for Reconstruction Mar 01/23 136,000 141,501 & Development 1.90% Jan 16/25 506,473 534,189 135,000 Honda Canada Finance Inc. 3.18% 260,000 International Bank for Reconstruction Aug 28/23 135,000 143,675 & Development 2.25% Jan 17/23 258,526 267,752 156,000 Honda Canada Finance Inc. 3.44% 227,000 International Bank for Reconstruction May 23/25 160,964 172,108 & Development 2.50% Aug 03/23 226,122 239,680 110,269 Hospital Infrastructure Partner Inc. 82,000 Ivanhoe Cambridge II Inc. 2.30% Dec 12/24 82,000 86,534 5.44% Jan 31/45 127,798 146,447 190,000 Ivanhoe Cambridge II Inc. 2.91% Jun 27/23 190,000 200,198 247,000 HSBC Bank Canada 2.17% Jun 29/22 247,000 253,052 36,000 John Deere Canada Funding Inc. 1.85% 447,000 HSBC Bank Canada 2.25% Sep 15/22 447,004 459,986 Mar 24/21 35,997 36,126 503,000 HSBC Bank Canada 2.54% Jan 31/23 503,000 522,964 97,000 John Deere Canada Funding Inc. 2.05% May 13/22 96,922 99,163 412,000 HSBC Bank Canada 3.25% Sep 15/23 412,000 439,466 48,000 John Deere Canada Funding Inc. 2.63% 591,000 Husky Energy Inc. 3.50% Feb 07/28 590,959 604,178 Sep 21/22 47,980 49,782 197,000 Husky Energy Inc. 3.55% Mar 12/25 194,982 208,675

30 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Par Average Fair Par Average Fair Value ($) Security Cost ($) Value ($) Value ($) Security Cost ($) Value ($) 129,000 John Deere Canada Funding Inc. 2.70% 77,000 Lower Mattagami Energy LP 3.42% Oct 12/21 128,932 131,352 Jun 20/24 77,000 84,258 130,000 John Deere Canada Funding Inc. 2.70% 85,000 Lower Mattagami Energy LP 4.18% Jan 17/23 129,975 135,790 Feb 23/46 84,613 111,831 83,000 John Deere Canada Funding Inc. 3.02% 97,000 Lower Mattagami Energy LP 4.18% Jul 13/23 82,996 88,045 Apr 23/52 101,965 132,117 343,000 John Deere Financial Inc. 1.34% 77,000 Lower Mattagami Energy LP 4.33% Sep 08/27 342,931 346,424 May 18/21 80,873 78,127 54,000 John Deere Financial Inc. 2.40% 70,000 Lower Mattagami Energy LP 4.94% Sep 17/24 53,988 57,155 Sep 21/43 78,480 99,841 140,000 John Deere Financial Inc. 2.41% 95,000 Lower Mattagami Energy LP 5.14% Jan 14/25 140,422 148,855 May 18/41 118,250 135,128 100,000 John Deere Financial Inc. 2.46% 109,000 Magna International, Inc. 3.10% Apr 04/24 101,634 105,557 Dec 15/22 109,637 113,692 216,000 John Deere Financial Inc. 2.58% 156,000 Manulife Bank of Canada 1.50% Oct 16/26 215,890 234,467 Jun 25/25 156,000 160,023 73,000 John Deere Financial Inc. 2.99% 41,000 Manulife Bank of Canada 1.92% Jan 14/22 73,000 74,947 Sep 01/21 41,000 41,413 162,000 Keyera Corp. 3.93% Jun 21/28 162,000 180,423 99,000 Manulife Bank of Canada 2.08% 142,000 Keyera Corp. 3.96% May 29/30 142,000 157,863 May 26/22 99,000 101,223 129,985 Kingston Solar LP 3.57% Jul 31/35 129,985 142,583 282,000 Manulife Bank of Canada 2.38% Nov 19/24 282,000 298,881 30,000 Labrador-Island Link Funding Trust 3.76% Jun 01/33 30,554 38,014 180,000 Manulife Bank of Canada 2.84% Jan 12/23 177,915 188,328 163,000 Labrador-Island Link Funding Trust 3.85% Dec 01/53 165,717 241,203 210,000 Manulife Finance Delaware LP 5.06% Dec 15/41 213,819 265,966 159,000 Labrador-Island Link Funding Trust 3.86% Dec 01/45 162,951 220,540 155,000 Manulife Financial Corporation 2.24% May 12/30 155,000 161,778 114,000 Laurentian Bank of Canada 2.55% Jun 20/22 113,856 117,003 189,000 Manulife Financial Corporation 2.82% May 13/35 189,000 201,723 118,000 Laurentian Bank of Canada 3.00% Sep 12/22 117,792 122,257 222,000 Manulife Financial Corporation 3.05% Aug 20/29 221,430 237,856 138,000 Laurentian Bank of Canada 3.45% Jun 27/23 137,950 146,191 273,000 Manulife Financial Corporation 3.32% May 09/28 273,000 288,622 40,000 Liberty Utilities (Canada) Corp. 3.32% Feb 14/50 40,000 41,056 336,738 Maritime Link Financing Trust 3.50% Dec 01/52 343,857 417,168 41,000 Loblaw Companies Limited 2.28% May 07/30 41,000 42,489 95,000 MCAP Commercial LP 3.38% Nov 26/27 95,000 96,570 90,000 Loblaw Companies Limited 3.92% Jun 10/24 90,000 98,974 18,000 MCAP Commercial LP 3.74% Aug 25/25 18,000 18,796 151,000 Loblaw Companies Limited 4.49% 38,000 MCAP Commercial LP 4.15% Jun 17/24 38,000 40,114 Dec 11/28 151,000 182,573 46,000 MCAP Commercial LP 5.00% Dec 14/22 46,000 49,547 189,000 Loblaw Companies Limited 4.86% 12,000 McGill University 3.98% Jan 29/56 12,000 15,376 Sep 12/23 198,470 207,791 15,000 McGill University 5.36% Dec 31/43 14,993 22,742 50,000 Loblaw Companies Limited 5.90% 20,000 McGill University 6.15% Sep 22/42 25,055 32,606 Jan 18/36 48,489 67,109 20,000 McMaster University 4.11% Nov 26/65 20,000 27,614 50,000 Loblaw Companies Limited 6.05% 59,818 Melancthon Wolfe Wind LP 3.83% Jun 09/34 53,545 67,013 Dec 31/28 59,825 64,525 120,000 Loblaw Companies Limited 6.15% 155,000 Metro Inc. 2.68% Dec 05/22 154,992 160,922 Jan 29/35 138,373 163,214 71,000 Metro Inc. 3.20% Dec 01/21 71,952 72,588 60,000 Loblaw Companies Limited 6.45% Feb 09/28 70,320 78,596 181,000 Metro Inc. 3.39% Dec 06/27 180,893 203,663 15,000 Loblaw Companies Limited 6.45% 104,000 Metro Inc. 3.41% Feb 28/50 104,000 109,333 Mar 01/39 16,328 21,737 137,000 Metro Inc. 4.27% Dec 04/47 136,862 164,432 32,000 Loblaw Companies Limited 6.50% 92,000 Metro Inc. 5.03% Dec 01/44 97,384 120,518 Jan 22/29 39,354 42,722 100,000 Metro Inc. 5.97% Oct 15/35 97,930 135,414 55,000 Loblaw Companies Limited 6.54% 41,000 Morguard Corporation 4.09% May 14/21 41,000 41,193 Feb 17/33 67,449 75,281 49,000 Morguard Corporation 4.20% Nov 27/24 49,000 49,456 50,000 Loblaw Companies Limited 6.65% 62,000 Morguard Corporation 4.33% Sep 15/22 62,000 62,991 Nov 08/27 63,220 65,862 130,000 Morguard Corporation 4.72% Jan 25/24 130,000 133,319 50,000 Loblaw Companies Limited 6.85% 143,000 Municipal Finance Authority of British Mar 01/32 56,386 69,218 Columbia 1.10% Jun 01/25 142,778 145,663 68,000 Lower Mattagami Energy LP 2.31% 123,000 Municipal Finance Authority of British Oct 21/26 66,182 73,256 Columbia 2.15% Dec 01/22 122,936 127,340

31 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Par Average Fair Par Average Fair Value ($) Security Cost ($) Value ($) Value ($) Security Cost ($) Value ($) 183,000 Municipal Finance Authority of British 162,000 North West Redwater Partnership/NWR Columbia 2.15% Jun 03/24 182,724 193,069 Financing Co., Ltd. 3.20% Apr 24/26 161,848 176,684 152,000 Municipal Finance Authority of British 244,000 North West Redwater Partnership/NWR Columbia 2.50% Apr 19/26 151,679 165,318 Financing Co., Ltd. 3.65% Jun 01/35 247,891 272,247 73,000 Municipal Finance Authority of British 149,000 North West Redwater Partnership/NWR Columbia 2.55% Oct 09/29 75,842 81,246 Financing Co., Ltd. 3.70% Feb 23/43 143,031 164,105 137,000 Municipal Finance Authority of British 273,000 North West Redwater Partnership/NWR Columbia 2.60% Apr 23/23 136,987 144,026 Financing Co., Ltd. 4.05% Jul 22/44 280,892 316,961 31,000 Municipal Finance Authority of British 154,000 North West Redwater Partnership/NWR Columbia 2.65% Oct 02/25 30,895 33,782 Financing Co., Ltd. 4.15% Jun 01/33 156,328 180,163 258,000 Municipal Finance Authority of British 206,000 North West Redwater Partnership/NWR Columbia 2.80% Dec 03/23 257,750 275,575 Financing Co., Ltd. 4.25% Jun 01/29 212,478 243,291 50,000 Municipal Finance Authority of British 183,000 North West Redwater Partnership/NWR Columbia 2.95% Oct 14/24 51,401 54,445 Financing Co., Ltd. 4.35% Jan 10/39 182,184 215,324 213,000 Municipal Finance Authority of British 178,000 North West Redwater Partnership/NWR Columbia 3.05% Oct 23/28 212,547 244,254 Financing Co., Ltd. 4.75% Jun 01/37 182,789 221,229 110,000 Municipal Finance Authority of British 222,231 Northern Courier Pipeline Limited Columbia 3.35% Jun 01/22 112,658 114,797 Partnership 3.37% Jun 30/42 222,231 239,737 72,000 Municipal Finance Authority of British 22,689 Northland Power Solar Finance One LP Columbia 3.75% Sep 26/23 73,383 78,485 4.40% Jun 30/32 22,693 25,954 325,000 Municipal Finance Authority of British 34,007 Northwestconnect Group Partnership Columbia 4.15% Jun 01/21 344,448 330,301 5.95% Apr 30/41 39,108 45,574 180,000 Municipal Finance Authority of British 11,543 Nouvelle Autoroute 30 Financement Columbia 4.95% Dec 01/27 213,140 227,870 Inc. 3.74% Dec 31/32 11,543 12,753 17,000 Muskrat Falls / Labrador Transmission 13,792 Nouvelle Autoroute 30 Financement Assets Funding Trust 3.63% Jun 01/29 17,289 20,486 Inc. 3.75% Mar 31/33 13,792 15,347 234,000 Muskrat Falls / Labrador Transmission 46,963 Nouvelle Autoroute 30 Financement Assets Funding Trust 3.83% Jun 01/37 239,195 307,830 Inc. 4.11% Mar 31/42 46,963 55,942 183,000 Muskrat Falls / Labrador Transmission 39,921 Nouvelle Autoroute 30 Financement Assets Funding Trust 3.86% Dec 01/48 189,660 259,449 Inc. 4.12% Jun 30/42 39,921 47,597 306,000 National Bank of Canada 1.57% 48,000 Nova Scotia Power Incorporated 3.31% Aug 18/26 305,997 312,559 Apr 25/50 48,000 53,775 632,000 National Bank of Canada 1.96% 146,000 Nova Scotia Power Incorporated 3.57% Jun 30/22 620,350 646,737 Apr 05/49 146,000 171,157 318,000 National Bank of Canada 2.11% 66,000 Nova Scotia Power Incorporated 3.61% Mar 18/22 319,169 324,689 May 01/45 66,000 76,665 350,000 National Bank of Canada 2.55% 94,000 Nova Scotia Power Incorporated 4.15% Jul 12/24 351,070 370,809 Mar 06/42 94,248 116,147 230,000 National Bank of Canada 2.58% 95,000 Nova Scotia Power Incorporated 4.50% Feb 03/25 229,641 245,246 Jul 20/43 101,053 123,491 339,000 National Bank of Canada 2.98% 90,000 Nova Scotia Power Incorporated 5.61% Mar 04/24 347,144 362,375 Jun 15/40 110,455 129,739 312,000 National Bank of Canada 3.18% 53,000 Nova Scotia Power Incorporated 5.67% Feb 01/28 312,000 326,624 Nov 14/35 57,7 75 73,315 97,000 NAV Canada 2.06% May 29/30 97,000 101,975 69,000 Nova Scotia Power Incorporated 5.95% 55,000 NAV Canada 2.92% Sep 29/51 55,000 60,312 Jul 27/39 85,484 101,896 55,000 NAV Canada 3.21% Sep 29/50 55,000 63,699 40,000 Nova Scotia Power Incorporated 6.95% Aug 25/33 53,500 59,588 91,000 NAV Canada 3.29% Mar 30/48 91,635 106,092 25,000 Nova Scotia Power Incorporated 8.85% 85,000 NAV Canada 3.53% Feb 23/46 83,953 102,224 May 19/25 35,120 32,601 26,000 NAV Canada 4.40% Feb 18/21 26,000 26,124 414,000 OMERS Finance Trust 1.55% Apr 21/27 413,590 426,620 80,000 NAV Canada 7.40% Jun 01/27 116,645 110,200 315,000 OMERS Finance Trust 2.60% May 14/29 314,669 346,624 14,000 NAV Canada 7.56% Mar 01/27 17,703 16,805 39,000 OMERS Realty Corp. 1.30% Sep 22/23 39,000 39,684 160,000 Newfoundland and Labrador Hydro 102,000 OMERS Realty Corp. 1.82% May 09/22 102,000 103,790 3.60% Dec 01/45 158,897 194,804 102,000 OMERS Realty Corp. 2.86% Feb 23/24 102,000 108,728 125,000 Nissan Canada Inc. 3.15% Sep 14/21 125,000 126,870 50,000 OMERS Realty Corp. 2.97% Apr 05/21 50,188 50,330 60,694 North Battleford Power LP 4.96% Dec 31/32 60,698 72,720 176,000 OMERS Realty Corp. 3.24% Oct 04/27 176,000 198,938 170,000 North West Redwater Partnership/NWR 144,000 OMERS Realty Corp. 3.33% Nov 12/24 146,355 157,849 Financing Co., Ltd. 2.10% Feb 23/22 169,658 172,613 166,000 OMERS Realty Corp. 3.33% Jun 05/25 166,000 182,738 235,000 North West Redwater Partnership/NWR 118,000 OMERS Realty Corp. 3.36% Jun 05/23 120,194 125,855 Financing Co., Ltd. 2.80% Jun 01/27 225,497 252,687 287,000 OMERS Realty Corp. 3.63% Jun 05/30 287,000 338,510 166,000 North West Redwater Partnership/NWR 193,000 Ontario Power Generation Inc. 1.17% Financing Co., Ltd. 3.20% Jul 22/24 166,637 177,960 Apr 22/26 193,000 195,087

32 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Par Average Fair Par Average Fair Value ($) Security Cost ($) Value ($) Value ($) Security Cost ($) Value ($) 135,000 Ontario Power Generation Inc. 2.89% 119,000 Penske Truck Leasing Canada Inc. Apr 08/25 135,000 146,658 2.85% Dec 07/22 118,937 123,245 63,000 Ontario Power Generation Inc. 2.98% 24,000 Plenary Health Care Partnerships Sep 13/29 63,000 70,366 Humber LP 4.82% Nov 30/44 24,000 31,042 154,000 Ontario Power Generation Inc. 3.22% 46,117 Plenary Health Care Partnerships Apr 08/30 154,000 174,527 Humber LP 4.90% May 31/39 46,865 57,849 159,000 Ontario Power Generation Inc. 3.32% 12,505 Plenary Health Hamilton LP 5.80% Oct 04/27 159,000 180,550 May 31/43 12,505 17,071 137,000 Ontario Power Generation Inc. 3.65% 208,651 Plenary Properties LTAP LP 6.29% Sep 13/50 147,330 162,421 Jan 31/44 260,624 301,696 150,000 Ontario Power Generation Inc. 3.84% 98,000 Power Corporation of Canada 4.46% Jun 22/48 150,000 181,820 Jul 27/48 99,625 123,931 165,000 Ontario Power Generation Inc. 4.25% 31,000 Power Corporation of Canada 4.81% Jan 18/49 201,722 213,323 Jan 31/47 31,000 39,942 361,000 Ontario Teachers' Finance Trust 1.10% 75,000 Power Corporation of Canada 8.57% Oct 19/27 360,040 361,266 Apr 22/39 74,943 132,560 143,000 OPB Finance Trust 1.88% Feb 24/22 140,051 145,524 50,000 Power Financial Corporation 6.90% 36,000 OPB Finance Trust 2.90% May 24/23 35,975 38,067 Mar 11/33 63,022 70,074 34,000 OPB Finance Trust 2.95% Feb 02/26 33,982 37,517 193,000 Prime Structured Mortgage Trust Series 2020-1 Cl. A 1.97% Feb 15/23 193,000 197,895 240,000 OPB Finance Trust 2.98% Jan 25/27 240,128 266,062 281,000 PSP Capital Inc. 0.90% Jun 15/26 280,730 282,584 85,000 OPB Finance Trust 3.89% Jul 04/42 89,375 107,933 587,000 PSP Capital Inc. 1.73% Jun 21/22 584,920 599,733 105,546 Original Wempi Inc. 4.06% Feb 13/24 105,545 106,833 326,000 PSP Capital Inc. 2.05% Jan 15/30 324,931 348,526 85,000 Original Wempi Inc. 4.31% Feb 13/24 85,000 86,583 431,000 PSP Capital Inc. 2.09% Nov 22/23 431,884 451,317 18,748 Ornge Issuer Trust 5.73% Jun 11/34 21,311 23,613 558,000 PSP Capital Inc. 3.00% Nov 05/25 557,124 618,276 118,568 Ottawa MacDonald-Cartier International Airport Authority 3.93% 392,000 PSP Capital Inc. 3.29% Apr 04/24 411,920 427,294 Jun 09/45 118,568 132,286 35,000 PSS Generating Station LP 4.80% 30,265 Ottawa MacDonald-Cartier Oct 24/67 35,000 46,137 International Airport Authority 6.97% 60,000 Reliance LP 2.68% Dec 01/27 59,989 63,078 May 25/32 40,253 39,153 133,000 Reliance LP 3.75% Mar 15/26 132,569 145,932 154,000 Pembina Pipeline Corporation 2.56% 122,000 Reliance LP 3.84% Mar 15/25 122,074 133,424 Jun 01/23 153,986 160,247 20,000 Reliance LP 4.08% Aug 02/21 20,000 20,354 324,000 Pembina Pipeline Corporation 2.99% 66,000 RioCan Real Estate Investment Trust Jan 22/24 322,726 342,448 1.97% Jun 15/26 66,000 66,326 71,000 Pembina Pipeline Corporation 3.31% 98,000 RioCan Real Estate Investment Trust Feb 01/30 70,946 76,962 2.19% Apr 09/21 98,000 98,397 131,000 Pembina Pipeline Corporation 3.43% 183,000 RioCan Real Estate Investment Trust Nov 10/21 130,988 133,759 2.36% Mar 10/27 183,000 186,561 113,000 Pembina Pipeline Corporation 3.54% 201,000 RioCan Real Estate Investment Trust Feb 03/25 114,306 122,783 2.58% Feb 12/25 201,000 208,173 237,000 Pembina Pipeline Corporation 3.62% 135,000 RioCan Real Estate Investment Trust Apr 03/29 243,501 262,761 2.83% Oct 03/22 132,389 139,182 132,000 Pembina Pipeline Corporation 3.71% 132,000 RioCan Real Estate Investment Trust Aug 11/26 133,498 146,361 3.21% Sep 29/23 131,993 138,568 155,000 Pembina Pipeline Corporation 3.77% 47,000 RioCan Real Estate Investment Trust Oct 24/22 160,351 163,449 3.29% Feb 12/24 47,007 49,649 501,000 Pembina Pipeline Corporation 4.02% 73,000 RioCan Real Estate Investment Trust Mar 27/28 515,134 568,695 3.72% Dec 13/21 75,881 75,041 164,000 Pembina Pipeline Corporation 4.24% 25,000 RioCan Real Estate Investment Trust Jun 15/27 163,985 187,043 3.73% Apr 18/23 25,046 26,420 233,000 Pembina Pipeline Corporation 4.54% 55,000 RioCan Real Estate Investment Trust Apr 03/49 247,580 261,690 3.75% May 30/22 55,214 57,165 104,000 Pembina Pipeline Corporation 4.74% 379,000 Rogers Communications Inc. 3.25% Jan 21/47 102,832 119,555 May 01/29 384,817 421,109 108,000 Pembina Pipeline Corporation 4.75% 198,000 Rogers Communications Inc. 4.00% Apr 30/43 106,661 123,006 Jun 06/22 203,673 207,384 282,000 Pembina Pipeline Corporation 4.75% 200,000 Rogers Communications Inc. 4.00% Mar 26/48 301,190 325,473 Mar 13/24 205,771 218,235 134,000 Pembina Pipeline Corporation 4.81% 281,000 Rogers Communications Inc. 6.11% Mar 25/44 135,703 154,028 Aug 25/40 330,091 398,635 73,000 Penske Truck Leasing Canada Inc. 90,000 Rogers Communications Inc. 6.56% 2.70% Sep 30/24 72,851 76,593 Mar 22/41 102,491 134,300

33 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Par Average Fair Par Average Fair Value ($) Security Cost ($) Value ($) Value ($) Security Cost ($) Value ($) 140,000 Rogers Communications Inc. 6.68% 35,000 SmartCentres Real Estate Investment Nov 04/39 162,973 208,830 Trust 2.88% Mar 21/22 35,003 35,965 694,000 Royal Bank of Canada 1.94% May 01/25 694,000 723,576 28,000 SmartCentres Real Estate Investment 721,000 Royal Bank of Canada 1.97% Mar 02/22 718,687 734,445 Trust 2.99% Aug 28/24 28,038 29,577 607,000 Royal Bank of Canada 2.00% Mar 21/22 604,990 619,018 48,000 SmartCentres Real Estate Investment Trust 3.19% Jun 11/27 48,000 51,490 340,000 Royal Bank of Canada 2.09% Jun 30/30 341,224 352,302 58,000 SmartCentres Real Estate Investment 293,000 Royal Bank of Canada 2.33% Dec 05/23 291,899 307,707 Trust 3.44% Aug 28/26 58,078 62,861 738,000 Royal Bank of Canada 2.33% Jan 28/27 737,999 787,257 147,000 SmartCentres Real Estate Investment 507,000 Royal Bank of Canada 2.35% Jul 02/24 507,000 533,989 Trust 3.53% Dec 20/29 147,000 159,791 600,000 Royal Bank of Canada 2.36% Dec 05/22 597,130 621,842 45,000 SmartCentres Real Estate Investment 847,000 Royal Bank of Canada 2.61% Nov 01/24 848,382 902,851 Trust 3.56% Feb 06/25 45,185 48,669 484,000 Royal Bank of Canada 2.74% Jul 25/29 485,453 512,421 69,000 SmartCentres Real Estate Investment 561,000 Royal Bank of Canada 2.88% Dec 23/29 563,934 598,795 Trust 3.65% Dec 11/30 69,000 74,924 565,000 Royal Bank of Canada 2.95% May 01/23 563,800 596,400 23,000 SmartCentres Real Estate Investment 617,000 Royal Bank of Canada 3.30% Sep 26/23 617,388 660,242 Trust 3.73% Jul 22/22 23,066 24,088 220,000 Royal Bank of Canada 3.45% Sep 29/26 223,775 224,850 90,000 SmartCentres Real Estate Investment Trust 3.83% Dec 21/27 90,000 99,975 352,000 Royal Bank of Canada 4.93% Jul 16/25 402,315 416,770 75,000 SmartCentres Real Estate Investment 140,397 Royal Office Finance LP 5.21% Trust 3.99% May 30/23 72,416 80,150 Nov 12/37 156,308 183,671 82,000 SNC-Lavalin Group Inc. 3.24% Mar 02/23 82,000 82,296 32,000 Ryerson University 3.77% Oct 11/57 32,000 40,420 114,337 SNC-Lavalin Innisfree McGill Finance 58,000 Saputo Inc. 1.42% Jun 19/26 58,000 58,375 Inc. 6.63% Jun 30/44 139,742 164,828 123,000 Saputo Inc. 1.94% Jun 13/22 123,000 125,364 65,000 Sobeys Inc. 6.06% Oct 29/35 69,397 83,387 30,000 Saputo Inc. 2.20% Jun 23/21 30,000 30,245 47,000 Sobeys Inc. 6.64% Jun 07/40 54,516 66,465 190,000 Saputo Inc. 2.24% Jun 16/27 190,000 198,898 32,604 Societe en commandite CE Sebastopol 120,000 Saputo Inc. 2.83% Nov 21/23 120,000 126,537 4.14% Jul 31/47 32,604 37,400 57,000 Saputo Inc. 2.88% Nov 19/24 57,000 61,030 113,000 South Coast B.C. Transportation 171,000 Saputo Inc. 3.60% Aug 14/25 171,000 189,376 Authority 1.60% Jul 03/30 113,000 115,248 74,983 Sea To Sky Highway Investment 61,000 South Coast B.C. Transportation Limited Partnership 2.63% Oct 31/30 74,980 77,711 Authority 2.65% Oct 29/50 60,872 65,726 71,727 SEC LP and Arci, Ltd. 5.19% Aug 29/33 82,127 77,857 47,000 South Coast B.C. Transportation 45,724 SGTP Highway Bypass Limited Authority 3.05% Jun 04/25 46,795 51,715 Partnership 4.11% Jan 31/45 45,724 53,427 73,000 South Coast B.C. Transportation 24,000 SGTP Highway Bypass Limited Authority 3.15% Nov 16/48 80,064 85,679 Partnership 4.16% Jul 31/49 24,000 28,678 126,000 South Coast B.C. Transportation 58,000 Shaw Communications Inc. 2.90% Authority 3.25% Nov 23/28 125,819 145,885 Dec 09/30 57,893 61,739 15,000 South Coast B.C. Transportation 174,000 Shaw Communications Inc. 3.30% Authority 3.85% Feb 09/52 15,345 20,177 Dec 10/29 175,531 192,299 119,000 South Coast B.C. Transportation 304,000 Shaw Communications Inc. 3.80% Authority 4.45% Jun 09/44 155,533 164,893 Nov 02/23 304,000 328,620 29,000 South Coast B.C. Transportation 87,000 Shaw Communications Inc. 3.80% Authority 4.65% Jun 20/41 28,972 40,582 Mar 01/27 88,173 97,999 139,263 SSL Finance Inc. 4.10% Oct 31/45 139,263 165,069 60,000 Shaw Communications Inc. 4.25% 46,000 SSL Finance Inc. 4.18% Apr 30/49 46,000 54,723 Dec 09/49 59,687 68,247 146,000 Stantec Inc. 2.05% Oct 08/27 146,000 147,815 137,000 Shaw Communications Inc. 4.35% 35,000 Summit Industrial Income REIT 1.82% Jan 31/24 139,091 150,380 Apr 01/26 34,983 35,203 171,000 Shaw Communications Inc. 4.40% 37,000 Summit Industrial Income REIT 2.15% Nov 02/28 170,521 202,377 Sep 17/25 36,986 37,897 450,000 Shaw Communications Inc. 6.75% 52,000 Sun Life Assurance Company 6.30% Nov 09/39 515,640 649,584 May 15/28 65,192 68,822 32,000 Sienna Senior Living Inc. 3.11% Nov 50,000 Sun Life Capital Trust 7.09% Jun 30/52 60,936 70,078 04/24 32,000 32,852 347,000 Sun Life Financial Inc. 2.06% Oct 01/35 346,719 351,285 79,000 Sienna Senior Living Inc. 3.45% Feb 338,000 Sun Life Financial Inc. 2.38% Aug 13/29 337,983 355,103 27/26 78,991 81,746 236,000 Sun Life Financial Inc. 2.58% May 10/32 235,910 253,335 45,000 Sinai Health System 3.53% Jun 09/56 45,000 53,390 130,000 Sun Life Financial Inc. 2.75% Nov 23/27 129,567 135,162 141,000 SmartCentres Real Estate Investment Trust 1.74% Dec 16/25 141,000 141,496 307,000 Sun Life Financial Inc. 3.05% Sep 19/28 307,033 325,657 119,000 SmartCentres Real Estate Investment 184,000 Sun Life Financial Inc. 3.10% Feb 19/26 183,788 184,621 Trust 2.31% Dec 18/28 119,000 119,566 57,000 Sun Life Financial Inc. 4.57% Aug 23/21 57,344 58,466 104,000 SmartCentres Real Estate Investment 90,000 Sun Life Financial Inc. 5.40% May 29/42 92,418 119,561 Trust 2.76% Jun 23/21 104,000 105,043 220,000 Suncor Energy Inc. 3.00% Sep 14/26 219,601 239,006

34 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Par Average Fair Par Average Fair Value ($) Security Cost ($) Value ($) Value ($) Security Cost ($) Value ($) 207,000 Suncor Energy Inc. 3.10% May 24/29 206,505 223,805 657,000 The Toronto-Dominion Bank 3.01% 95,000 Suncor Energy Inc. 4.34% Sep 13/46 98,740 107,646 May 30/23 657,000 695,935 141,000 Suncor Energy Inc. 5.00% Apr 09/30 140,573 172,660 450,000 The Toronto-Dominion Bank 3.06% Jan 26/32 449,838 491,691 180,000 Suncor Energy Inc. 5.39% Mar 26/37 195,871 223,330 833,000 The Toronto-Dominion Bank 3.11% 172,000 Sysco Canada, Inc. 3.65% Apr 25/25 171,935 187,906 Apr 22/30 853,868 899,863 205,000 TD Capital Trust IV 6.63% Jun 30/2108 244,538 210,901 435,000 The Toronto-Dominion Bank 3.22% 100,000 TD Capital Trust IV 10.00% Jun 30/2108 124,021 109,125 Jul 25/29 435,481 468,009 50,000 TELUS Communications Inc. 8.80% 565,000 The Toronto-Dominion Bank 3.23% Sep 22/25 73,790 65,443 Jul 24/24 581,836 615,575 53,000 TELUS Communications Inc. 9.65% 627,000 The Toronto-Dominion Bank 3.59% Apr 08/22 78,177 58,821 Sep 14/28 627,000 672,194 78,000 TELUS Corporation 2.05% Oct 07/30 77,839 78,717 320,000 The Toronto-Dominion Bank 4.86% 295,000 TELUS Corporation 2.35% Mar 28/22 293,590 301,123 Mar 04/31 348,278 376,338 189,000 TELUS Corporation 2.35% Jan 27/28 193,655 198,822 25,000 The Toronto-Dominion Bank 9.15% 179,000 TELUS Corporation 2.75% Jul 08/26 178,773 192,610 May 26/25 35,416 33,542 185,000 TELUS Corporation 3.15% Feb 19/30 184,351 204,885 21,000 The University of Western Ontario 269,000 TELUS Corporation 3.30% May 02/29 272,604 300,382 3.39% Dec 04/57 21,000 24,132 127,000 TELUS Corporation 3.35% Mar 15/23 130,584 133,429 25,000 The University of Western Ontario 4.80% May 24/47 25,664 35,183 375,000 TELUS Corporation 3.35% Apr 01/24 371,145 402,769 307,000 Thomson Reuters Corp. 2.24% May 190,000 TELUS Corporation 3.63% Mar 01/28 188,816 215,394 14/25 307,000 321,174 289,000 TELUS Corporation 3.75% Jan 17/25 293,402 318,914 25,364 THP Partnership 4.39% Oct 31/46 25,364 31,452 170,000 TELUS Corporation 3.75% Mar 10/26 170,430 190,739 109,000 TMX Group Limited 3.00% Dec 11/24 109,000 117,806 177,000 TELUS Corporation 3.95% Feb 16/50 175,886 197,729 63,000 TMX Group Limited 3.78% Jun 05/28 63,000 73,152 200,000 TELUS Corporation 4.40% Apr 01/43 193,018 233,668 48,000 TMX Group Limited 4.46% Oct 03/23 48,000 52,692 167,000 TELUS Corporation 4.40% Jan 29/46 162,450 196,998 166,000 Toromont Industries Ltd. 3.84% 142,000 TELUS Corporation 4.70% Mar 06/48 170,613 176,367 Oct 27/27 166,000 186,139 132,000 TELUS Corporation 4.75% Jan 17/45 135,405 162,655 116,000 Toronto Hydro Corporation 1.50% 295,000 TELUS Corporation 4.85% Apr 05/44 294,378 366,532 Oct 15/30 115,818 116,445 92,000 TELUS Corporation 5.15% Nov 26/43 95,465 118,461 75,000 Toronto Hydro Corporation 2.43% 171,000 Teranet Holdings LP 3.54% Jun 11/25 171,000 184,166 Dec 11/29 77,761 81,950 19,000 Teranet Holdings LP 3.65% Nov 18/22 19,000 19,802 98,000 Toronto Hydro Corporation 2.52% 140,000 Teranet Holdings LP 5.75% Dec 17/40 151,134 170,492 Aug 25/26 97,984 106,275 130,000 Teranet Holdings LP 6.10% Jun 17/41 140,547 165,570 66,000 Toronto Hydro Corporation 2.91% Apr 10/23 65,989 69,164 95,000 The Empire Life Insurance Company 3.38% Dec 16/26 95,000 97,358 75,000 Toronto Hydro Corporation 2.99% Dec 10/49 81,728 82,793 17,000 The Empire Life Insurance Company 3.66% Mar 15/28 17,000 17,952 112,000 Toronto Hydro Corporation 3.49% Feb 28/48 111,628 133,881 70,000 The Hospital for Sick Children 3.42% Dec 07/57 70,000 85,534 102,000 Toronto Hydro Corporation 3.54% Nov 18/21 104,821 104,814 25,000 The Hospital for Sick Children 5.22% Dec 16/49 25,000 39,280 67,000 Toronto Hydro Corporation 3.55% Jul 28/45 68,367 79,874 96,000 The Independent Order of Foresters 2.89% Oct 15/35 96,000 99,599 35,000 Toronto Hydro Corporation 3.96% Apr 09/63 34,962 47,792 124,000 The Manufacturers Life Insurance Company 2.39% Jan 05/26 123,997 124,003 49,000 Toronto Hydro Corporation 4.08% Sep 16/44 49,167 62,797 320,000 The Manufacturers Life Insurance Company 3.18% Nov 22/27 320,876 335,209 70,000 Toronto Hydro Corporation 5.54% May 21/40 89,756 102,740 516,000 The Toronto-Dominion Bank 1.13% Dec 09/25 516,172 518,130 502,000 Toyota Credit Canada Inc. 2.02% Feb 28/22 501,834 511,467 504,000 The Toronto-Dominion Bank 1.91% Jul 18/23 497,683 521,394 86,000 Toyota Credit Canada Inc. 2.11% Feb 26/25 85,972 90,204 510,000 The Toronto-Dominion Bank 1.94% Mar 13/25 510,000 531,904 82,000 Toyota Credit Canada Inc. 2.31% Oct 23/24 81,975 86,493 786,000 The Toronto-Dominion Bank 1.99% Mar 23/22 778,162 801,596 105,000 Toyota Credit Canada Inc. 2.35% Jul 18/22 104,991 108,085 546,000 The Toronto-Dominion Bank 2.50% Dec 02/24 549,074 580,663 61,000 Toyota Credit Canada Inc. 2.62% Oct 11/22 61,000 63,302 614,000 The Toronto-Dominion Bank 2.62% Dec 22/21 626,402 627,684 97,000 Toyota Credit Canada Inc. 2.64% Mar 27/24 96,991 102,848 729,000 The Toronto-Dominion Bank 2.85% Mar 08/24 729,000 777,051

35 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Schedule of Investments As at December 31, 2020

Par Average Fair Par Average Fair Value ($) Security Cost ($) Value ($) Value ($) Security Cost ($) Value ($) 45,000 Toyota Credit Canada Inc. 2.70% 100,000 Vancouver Airport Authority 7.43% Jan 25/23 44,971 46,996 Dec 07/26 131,500 136,196 165,000 Toyota Credit Canada Inc. 3.04% 157,000 Vancouver Airport Fuel Facilities Corp. Jul 12/23 164,977 174,893 2.17% Jun 23/25 157,000 157,520 19,000 TransAlta Corporation 6.90% Nov 15/30 19,723 22,315 27,000 Ventas Canada Finance Limited 2.55% 20,000 TransAlta Corporation 7.30% Oct 22/29 21,851 23,818 Mar 15/23 26,988 27,904 227,000 TransCanada PipeLines Limited 3.00% 155,000 Ventas Canada Finance Limited 2.80% Sep 18/29 226,339 246,371 Apr 12/24 154,983 162,638 165,000 TransCanada PipeLines Limited 3.30% 46,000 Ventas Canada Finance Limited 3.30% Jul 17/25 168,620 180,024 Feb 01/22 45,996 47,164 194,000 TransCanada PipeLines Limited 3.39% 121,000 Ventas Canada Finance Limited 4.13% Mar 15/28 191,055 215,344 Sep 30/24 120,518 132,620 176,000 TransCanada PipeLines Limited 3.65% 183,000 VW Credit Canada, Inc. 1.20% Sep 25/23 182,951 184,713 Nov 15/21 178,183 180,821 123,000 VW Credit Canada, Inc. 1.50% Sep 23/25 122,740 124,459 253,000 TransCanada PipeLines Limited 3.69% 154,000 VW Credit Canada, Inc. 2.65% Jun 27/22 153,917 158,511 Jul 19/23 266,197 270,149 107,000 VW Credit Canada, Inc. 2.85% Sep 26/24 106,772 113,992 309,000 TransCanada PipeLines Limited 3.80% 139,000 VW Credit Canada, Inc. 3.25% Mar 29/23 138,835 146,471 Apr 05/27 308,509 348,321 76,000 VW Credit Canada, Inc. 3.70% Nov 14/22 75,874 80,197 346,000 TransCanada PipeLines Limited 4.18% 175,000 Waste Management of Canada Jul 03/48 352,594 386,589 Corporation 2.60% Sep 23/26 175,868 188,305 223,000 TransCanada PipeLines Limited 4.33% 150,000 Wells Fargo Canada Corporation Sep 16/47 228,282 254,635 3.46% Jan 24/23 147,677 158,794 364,000 TransCanada PipeLines Limited 4.34% 80,000 Westcoast Energy Inc. 3.12% Dec 05/22 78,627 83,832 Oct 15/49 363,876 418,415 162,000 Westcoast Energy Inc. 3.43% Sep 12/24 161,932 176,119 214,000 TransCanada PipeLines Limited 4.35% Jun 06/46 218,308 244,101 49,000 Westcoast Energy Inc. 3.77% Dec 08/25 48,980 55,008 331,000 TransCanada PipeLines Limited 4.55% 11,000 Westcoast Energy Inc. 3.88% Oct 28/21 11,000 11,289 Nov 15/41 338,111 381,795 82,000 Westcoast Energy Inc. 4.79% Oct 28/41 93,138 100,310 75,000 TransCanada PipeLines Limited 6.28% 45,000 Westcoast Energy Inc. 7.15% Mar 20/31 62,127 63,297 May 26/28 97,155 95,321 35,000 Westcoast Energy Inc. 7.30% Dec 18/26 46,795 45,662 75,000 TransCanada PipeLines Limited 6.50% 75,000 Westcoast Energy Inc. 8.85% Jul 21/25 103,545 99,502 Dec 09/30 95,528 96,540 10,000 Windsor Canada Utilities, Ltd. 4.13% 57,000 TransCanada PipeLines Limited 7.31% Nov 06/42 10,000 11,635 Jan 15/27 76,536 73,393 47,000 Windsor Regional Hospital 2.71% 50,000 TransCanada PipeLines Limited 7.34% Nov 18/60 47,000 49,275 Jul 18/28 69,458 67,231 66,000 Winnipeg Airports Authority Inc. 3.66% 170,000 TransCanada PipeLines Limited 8.05% Sep 30/47 66,000 77,680 Feb 17/39 276,176 272,455 60,859 Winnipeg Airports Authority Inc. 5.21% 15,000 TransCanada PipeLines Limited 8.23% Sep 28/40 65,864 75,317 Jan 16/31 20,401 22,051 20,936 Winnipeg Airports Authority Inc. 6.10% 100,000 TransCanada PipeLines Limited 8.29% Nov 20/40 25,801 27,508 Feb 05/26 140,150 130,091 3,442 York Region District School Board 465,000 TransCanada Trust 4.65% May 18/77 474,891 479,238 6.45% Jun 04/24 4,250 3,840 97,000 TransEd Partners General Partnership 15,000 York University 4.46% Feb 26/54 15,000 21,007 3.95% Sep 30/50 89,716 108,660 5,000 Yukon Development Corp. 5.00% 18,518 Trillium Windpower LP 5.80% Feb 15/33 18,519 22,791 Jun 29/40 4,966 7,170 86,000 TriSummit Utilities Inc. 3.15% Apr 06/26 85,995 94,076 153,447,185 166,834,399 96,000 TriSummit Utilities Inc. 4.26% Dec 05/28 95,930 114,015 Total Fixed Income (37.1% of Net Assets) 534,998,396 575,393,916 46,000 University of Ottawa 2.64% Feb 13/60 46,000 46,078 Total investments (99.7% of Net Assets) 1,199,836,789 1,547,917,528 29,000 University of Ottawa 3.26% Oct 12/56 29,000 33,440 Other assets less current liabilities 4,239,566 26,000 University of Toronto 4.25% Dec 07/51 25,722 35,615 Net assets attributable to holders of 15,000 University of Windsor 5.37% Jun 29/46 15,846 21,989 redeemable units (“Net Assets”) 1,552,157,094 73,000 Vancouver Airport Authority 1.76% Sep 20/30 73,000 74,654 70,000 Vancouver Airport Authority 2.80% Sep 21/50 70,000 74,156 70,000 Vancouver Airport Authority 2.87% Oct 18/49 70,000 75,061 76,000 Vancouver Airport Authority 3.66% Nov 23/48 76,000 93,074 69,000 Vancouver Airport Authority 3.86% Nov 10/45 69,000 85,645

36 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Notes to the Financial Statements

1. Organization of the Fund 3. S ummary of Significant Accounting Tangerine Balanced Portfolio (the “Fund”) is an open- Policies ended mutual fund trust established under the laws of 3a. Accounting estimates Ontario. The Fund is governed by a Master Declaration The preparation of financial statements requires the of Trust dated November 19, 2008 and amended most Manager to make judgments, estimates and assumptions recently on November 10, 2020. that affect the reported amounts of assets, liabilities, The Fund is domiciled in Canada and its principal income and expenses. The most significant uses of business office is located at 3389 Steeles Avenue East in judgments, estimates and assumptions are to classify Toronto, Ontario. financial instruments held by the Fund and to determine the fair value of financial instruments. Actual results may The Fund seeks to provide a balance of income and capital differ from these estimates. appreciation by investing in both fixed income and equity securities based on a targeted allocation among four 3b. Translation of foreign currencies different types of investments in the following proportions: The Fund’s functional and presentation currency is the Canadian bonds (40%), Canadian equities (20%), U.S. Canadian dollar, which is the currency of the primary equities (20%) and International equities (20%). Each of economic environment in which the Fund operates. the four investment types seeks to replicate, as closely as possible, the performance of a recognized securities index: • Financial instrument assets and liabilities denominated the Canadian bonds component seeks to replicate the in foreign currencies are translated into Canadian dollars FTSE Canada Universe Bond Index; the Canadian equities at the rate of exchange prevailing at the Statements of component seeks to replicate the S&P/TSX 60 Index; the Financial Position dates. U.S. equities component seeks to replicate the S&P 500 • Purchases and sales of investments classified as fair Index; and the International equities component seeks value recognized in profit and loss (“FVTPL”), investment to replicate the Morgan Stanley Capital International income and expenses denominated in foreign currencies (“MSCI”) EAFE Index. are translated into Canadian dollars at the rate of Tangerine Investment Management Inc. (the “Manager”) exchange prevailing on the respective dates of such provides management services to the Fund. The principal transactions. distributor of the Fund is Tangerine Investment Funds • Realized foreign currency gains (losses) on investments Limited. Both companies are wholly owned subsidiaries classified as FVTPL are included in the Statements of of Tangerine Bank. Tangerine Bank is a wholly owned Comprehensive Income as part of “Net realized gain on subsidiary of The Bank of Nova Scotia. investments”. These financial statements were authorized for issue by • Unrealized foreign currency gains (losses) on investments the Manager on March 24, 2021. classified as FVTPL are included in the Statements of Comprehensive Income as part of “Change in unrealized 2. Basis of Presentation appreciation on investments”. These financial statements are prepared in accordance • Realized and unrealized foreign currency gains (losses) with International Financial Reporting Standards (“IFRS”) on non-investment assets, liabilities and investment as issued by the International Accounting Standards Board income denominated in foreign currencies are included (“IASB”). in the Statements of Comprehensive Income as “Net realized gain (loss) on foreign exchange” and “Change The financial statements are prepared on a going concern in unrealized appreciation (depreciation) on foreign basis using the historical cost convention, except for exchange”, respectively. financial assets and liabilities that have been measured at fair value.

37 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Notes to the Financial Statements

3c. Recognition and classification of financial 3d. Derecognition of financial instruments instruments Financial assets The Fund recognizes a financial asset or a financial Financial assets are derecognized when the rights to liability when, and only when, it becomes a party to the receive cash flows from the financial assets have expired contractual provisions of the instrument. The Fund’s or when the Fund has transferred substantially all the risks accounting policy regarding derivative instruments is and rewards of ownership. If the Fund neither transfers nor described in note 3f. retains substantially all the risks and rewards of ownership The initial classification of a financial instrument depends of a financial asset, it derecognizes the financial asset if it upon the contractual cash flow characteristics of the no longer has control over the asset. financial assets as well as the Fund’s business model In transfers where control over the asset is retained, the for managing the financial assets. This classification Fund continues to recognize the asset to the extent of its is not subsequently changed except in very limited continuing involvement. The extent of the Fund’s continuing circumstances. involvement is determined by the extent to which it is All financial instruments, including regular way purchases exposed to changes in the value of the asset. and sales of financial assets, are initially recorded at fair value on the trade date, i.e., the date that the Fund Financial liabilities commits to purchase or sell the asset. The subsequent Financial liabilities are derecognized when contractual measurement of all financial instruments depends on the obligations are met, revoked or have expired. initial classification. 3e. Redeemable units Investment and derivative financial assets are those that are managed and whose performance is evaluated on a The units of the Fund contain a contractual obligation for fair value basis and is neither held to collect contractual the Fund to repurchase or redeem them for cash or another cash flows nor held both to collect contractual cash flows financial asset and therefore do not meet the criteria in and to sell financial assets. The Fund is primarily focused IFRS for classification as equity. The Funds’ redeemable on fair value information and uses that information to units’ entitlement includes a contractual obligation to assess the assets’ performance and to make decisions. distribute any net income and net capital gains annually Consequently, all investments and derivatives of the Fund in December in cash (at the request of the unitholder) and are classified as FVTPL. Financial assets classified as therefore meet the contractual obligation requirement to FVTPL are subsequently measured at fair value. The cost be classified as financial liabilities. Redeemable units are of investments classified as FVTPL represents the amount redeemable at the unitholders’ option and are classified paid for each security, excluding transaction costs, and is as financial liabilities. Redeemable units can be put back determined on an average cost basis. to the Fund at any date for cash equal to a proportionate share of the Fund’s Net Assets. The redeemable units Income from FVTPL financial instruments are included are carried at the redemption amount that is payable at directly in the Statements of Comprehensive Income and the Statements of Financial Position date if the holder are reported as “Dividends”, “Interest for distribution exercises the right to put the unit back to the Fund. purposes”, “Change in unrealized appreciation on investments” and “Net realized gain on investments”. The redemption amount (“Net Assets”) is the net difference between total assets and all other liabilities of the Fund The Fund’s obligation for net assets attributable to holders calculated in accordance with IFRS. of redeemable units represents a financial liability and is measured at the redemption amount. Other financial National Instrument 81-106, “Investment Fund Continuous assets and financial liabilities are measured at amortized Disclosure”, requires the Fund to calculate its daily Net cost, which approximates their fair value. Under this Asset Value (“NAV”) for subscriptions and redemptions at method, financial assets and liabilities reflect the amount the fair value of the Fund’s assets and liabilities. The Fund’s required to be received or paid, discounted, where Net Asset Value Per Unit (“NAVPU”) at the date of issue or appropriate, at the effective rate of interest. redemption is computed by dividing the NAV of the Fund by the total number of outstanding units of the Fund. The NAVPU is calculated as of the close of each day that the Toronto Stock Exchange is open for trading.

38 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Notes to the Financial Statements

The calculations of the NAV and Net Assets are both based and financial liabilities where the last traded price on the closed or last traded prices of “Investments”. As falls within the reporting day’s end bid-ask spread. In such, there is no difference between NAV and Net Assets circumstances where the last traded price is not within at the Statements of Financial Position date. the reporting day’s end bid-ask spread, the Manager determines the point within the bid-ask spread that is 3f. Derivative transactions most representative of fair value. The Fund is permitted by Canada’s securities law to use • Financial instruments that are not traded in an active derivative instruments to achieve its investment objectives market are valued through valuation techniques using as set out in the Fund’s Simplified Prospectus. Derivatives observable market inputs, on such basis and in such are initially recognized at fair value on the date on which manner as established by the Manager. a derivative contract is entered into and are subsequently measured at their fair value. Derivative instruments are • Bonds and similar securities are valued based on the valued daily using normal exchange reporting sources for closing quotation received from recognized investment exchange-traded derivatives and specific broker enquiry dealers. for over-the-counter derivatives. All derivatives are carried as assets when fair value is positive and as liabilities when Fair value hierarchy fair value is negative and are reported on the Statements IFRS requires disclosures relating to fair value of Financial Position. measurements using a three-level fair value hierarchy that reflects the significance of the inputs used in measuring 3g. Transaction costs fair values. Transaction costs are incremental costs that are directly The Fund’s policy for the three-level fair value hierarchy attributable to the acquisition, issue or disposal of an levels is as follows: investment. These costs include fees and commissions paid to agents, advisors, brokers and dealers, levies Level 1 – Fair values are based on unadjusted quoted by regulatory agencies and securities exchanges, and prices from an active market for identical assets. transfer taxes and duties. Transaction costs incurred in the Level 2 – Fair values are based on inputs, other than purchase and sale of investments classified as FVTPL are quoted prices, that are directly or indirectly observable in expensed and are included in “Transaction costs” on the an active market. Statements of Comprehensive Income. Level 3 – Fair values are based on inputs not observable in 3h. Offsetting financial instruments the market. Financial assets and liabilities are offset and the net The Fund recognizes a transfer between levels of the fair amount reported on the Statements of Financial Position value hierarchy as of the end of the reporting period during when the Fund has a currently legally enforceable right to which the change occurred. offset and the Fund either intends to settle on a net basis or realize the asset and settle the liability simultaneously. 3j. Investment transactions and income Investment transactions are accounted for on a trade date 3i. Fair value measurement and disclosure basis. Dividends including stock dividends, are recorded Fair value estimation on the ex-dividend date. The “Interest for distribution Fair value is the price that would be received to sell an purposes” on the Statements of Comprehensive Income asset or paid to transfer a liability in an orderly transaction represents the coupon interest received by the Fund, between market participants at the measurement date. accounted for on an accrual basis. The Fund does not amortize premiums paid or discounts received on the The fair value of financial instruments at the financial purchase of fixed income securities. reporting date is determined as follows: Realized gain (loss) on sale of investments and unrealized • Financial instruments that are traded in an active appreciation (depreciation) on investments are determined market are based on the quoted market prices at the on an average cost basis. Average cost does not include close of trading on the reporting date. The Fund uses amortization of premiums or discounts on fixed income the last traded market prices for both financial assets securities.

39 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Notes to the Financial Statements

3k. Securities lending 4. Financial Instrument Risk The Fund qualifies to lend securities from time to time in The Fund’s activities expose it to a variety of financial risks. order to earn additional income. The Fund receives collateral The Manager seeks to minimize potential adverse effects in the form of cash or qualified non-cash instruments having of these risks on the Fund’s performance by employing a fair value equal to at least 102% of the fair value of the professional, experienced portfolio advisors; by daily securities loaned during the period. The Fund has the right monitoring of the Fund’s position and market events; by to sell the non-cash collateral if the borrower defaults on diversifying the investment portfolio within the constraints its obligations under the transaction. The fair value of the of the investment objectives; and by using derivatives to loaned securities is determined at the close of each business hedge certain risk exposures. day and any additional required collateral is delivered to the Fund on the following business day. Cash collateral is Market disruptions associated with the COVID-19 invested in cash equivalents. The loaned securities continue pandemic have had a global impact, and uncertainty to be included in “Investments” on the Statements of exists as to the long-term implications. Such disruptions Financial Position. The non-cash collateral pledged by the can adversely affect the financial instrument risks borrower and the related obligation of the Fund to return the associated with the Fund. collateral are not reported on the Statements of Financial Position and the Schedule of Investments. 4a. Currency risk Currency risk arises from financial instruments that are Income on securities lending transactions is accrued with denominated in currencies other than the Canadian dollar. the passage of time and is included in “Securities lending The Fund is exposed to the risk that the Canadian dollar income” on the Statements of Comprehensive Income. value of investments and cash denominated in other currencies will fluctuate due to changes in exchange rates. 3l. Increase (decrease) in net assets attributable to When the value of the Canadian dollar falls in relation holders of redeemable units from operations per unit to foreign currencies, then the Canadian dollar value of “Increase in net assets attributable to holders of redeemable foreign investments and cash rises. When the value of units from operations per unit” in the Statements of the Canadian dollar rises, the Canadian dollar value of Comprehensive Income represents the “Increase in net foreign investments and cash falls. Other financial assets assets attributable to holders of redeemable units from and financial liabilities that are denominated in foreign operations” for the year divided by the weighted average currencies do not expose the Fund to significant currency number of units outstanding during the year. risk. The Fund may enter into foreign exchange forward contracts for hedging purposes to reduce its foreign 3m. Cash and Bank overdraft currency exposure. Cash comprises of deposits in banks. Any overdrawn bank The tables below indicate, in Canadian dollar terms, account is included in the “Current Liabilities” as “Bank the foreign currencies to which the Fund had significant Overdraft”. exposure as at December 31, 2020 and December 31, 3n. Non-cash transactions 2019, including the underlying principal amount of forward currency contracts, if any. The tables also illustrate Non-cash transactions on the Statements of Cash Flows the potential impact to the Fund’s Net Assets, all other include stock dividends from equity investments. These variables held constant, as a result of a 20% change amounts represent non-cash income recognized in the in these currencies relative to the Canadian dollar. In Statements of Comprehensive Income practice, actual trading results may differ from this sensitivity analysis and the difference could be material.

40 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Notes to the Financial Statements

December 31, 2020 Cash and As % of Impact on 4b. Interest rate risk Currency Investments ($) Net Assets Net Assets ($) The Fund is exposed to the risk that the fair value or future Australian Dollar 22,944,459 1.48% 4,588,892 cash flows of interest-bearing financial instruments will

British Pound 43,340,556 2.79% 8,668,111 fluctuate due to changes in the prevailing levels of market interest rates. The Fund’s portfolio of interest-bearing Danish Krone 8,247,635 0.53% 1,649,527 financial instruments consists of cash and short-term Euro 106,702,557 6.87% 21,340,511 investments and fixed income securities comprising the Hong Kong Dollar 10,034,529 0.65% 2,006,906 FTSE Canada Universe Bond Index. The Fund’s exposure to interest rate risk arising from cash and short-term Israeli Shekel 1,166,579 0.07% 233,316 investments is minimal. The portfolio manager reviews Japanese Yen 82,660,160 5.33% 16,532,032 the Fund’s overall interest rate sensitivity as part of the New Zealand Dollar 870,557 0.06% 174,111 investment management process.

Norwegian Krone 1,959,654 0.13% 391,931 The following tables summarize the Fund’s exposure to

Singapore Dollar 3,306,428 0.21% 661,286 interest rate risk by remaining term to maturity on fixed income securities: Swedish Krona 10,843,671 0.70% 2,168,734

Swiss Franc 31,239,539 2.01% 6,247,908 December 31, 2020 0 – 3 years 3 – 5 years > 5 years Total U.S. Dollar 327,979,625 21.13% 65,595,925 Bonds $118,562,267 $106,822,202 $350,009,447 $575,393,916

Total 651,295,949 41.96% 130,259,190 $118,562,267 $106,822,202 $350,009,447 $575,393,916

December 31, 2019 Cash and As % of Impact on December 31, Currency Investments ($) Net Assets Net Assets ($) 2019 0 – 3 years 3 – 5 years > 5 years Total

Australian Dollar 20,012,721 1.37% 4,002,544 Bonds $124,124,877 $97,597,883 $316,191,591 $537,914,351 Short-term British Pound 47,773,058 3.28% 9,554,612 550,000 — — 550,000 investments Danish Krone 5,345,992 0.37% 1,069,198 $124,674,877 $97,597,883 $316,191,591 $538,464,351 Euro 93,150,538 6.40% 18,630,108 As at December 31, 2020, had prevailing interest rates Hong Kong Dollar 9,306,273 0.64% 1,861,255 increased or decreased by 1%, assuming a parallel Israeli Shekel 1,136,537 0.08% 227,307 shift in the yield curve, with all other variables held constant, net assets would have decreased or increased Japanese Yen 72,139,120 4.95% 14,427,824 by approximately $48,196,283 (December 31, 2019: New Zealand Dollar 735,079 0.05% 147,016 $42,876,503) or 3.11 % (December 31, 2019: 2.95%) of total Norwegian Krone 1,886,852 0.13% 377,370 Net Assets. The Fund’s sensitivity to interest rate changes was estimated using the weighted average duration of Singapore Dollar 3,718,357 0.25% 743,671 the bond portfolio. In practice, actual trading results may Swedish Krona 7,834,315 0.54% 1,566,863 differ and the difference could be material. Swiss Franc 27,028,621 1.86% 5,405,724 4c. Other market risk U.S. Dollar 317,211,363 21.79% 63,442,273 Other market risk is the risk that the fair value or future Total 607,278,826 41.71% 121,455,765 cash flows of financial instruments will fluctuate as a result of changes in market prices (other than those arising from interest rate risk or currency risk), whether caused by factors specific to an individual investment, its issuer, or other factors affecting all instruments traded in a market or market segment. All securities present a risk of loss of capital. The Fund’s equity portfolio is susceptible to market price risk arising from uncertainties about future prices of the instruments. The Fund manages its exposure to other market risk by diversifying its portfolio of equity instruments ts in various countries. 41 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Notes to the Financial Statements

The table below indicates the change in Net Assets had the As at December 31, 2020 and December 31, 2019, debt value of the Fund’s benchmarks increased or decreased by securities by credit rating are as follows:

10%, as at December 31, 2020 and December 31, 2019. This As at December 31, 2020 December 31, 2019 change is estimated based on the historical correlation Debt securities As % of total As % of total between the return of the Fund and the return of the Fund’s by credit rating debt securities debt securities benchmarks, using 12 monthly data points, as available. AAA/Aaa 36% 37% The historical correlation may not be representative of AA/Aa 37% 36% future correlation and, accordingly, the impact on Net A/A 15% 14% Assets could be materially different. BB/Bb 0% 1% As at December 31, 2020 December 31, 2019 BBB/Bbb 12% 12% Impact on Impact on Benchmark Net Assets ($) Net Assets ($) Total 100% 100% S&P/TSX 60 Index 32,054,199 30,651,943 All transactions executed by the Fund in listed securities S&P 500 Index 32,495,049 31,446,497 are settled or paid for upon delivery using approved Morgan Stanley Capital brokers. The risk of default is considered minimal as International EAFE Index 32,265,780 28,762,878 delivery of securities sold is only made once the broker has Total 96,815,028 90,861,318 received payment. Payment is made on a purchase once the securities have been received by the broker. The trade As at December 31, 2020, 62.66% (December 31, 2019: will fail if either party fails to meet its obligation. 62.79%) of the Fund’s Net Assets traded on global stock exchanges. 4e. Liquidity risk Comparative presentation have been modified to conform All financial liabilities of the Fund mature in one to current year presentation. year or less. In addition, the Fund is exposed to daily cash redemptions of redeemable units. Therefore, in 4d. Credit risk accordance with securities legislation, the Fund maintains Credit risk is the risk that a counterparty to a financial at least 90% of its assets in investments that are traded in instrument will fail to discharge an obligation or an active market and can be readily disposed. In addition, commitment that it has entered into with the Fund. The the Fund retains sufficient cash and cash equivalent Fund’s exposure to credit risk mainly arises from the Fund’s positions to maintain liquidity. investment in fixed income securities comprising the FTSE Canada Universe Bond Index and its participation 4f. Concentration risk in securities lending transactions. The fair value of debt Concentration risk arises as a result of the concentration securities includes consideration of the creditworthiness of of exposures within the same category, whether it is the debt issuer. Credit ratings are obtained from Standard geographical location, asset type, industry sector or & Poor’s, Moody’s and/or Dominion Bond Rating Services. counterparty type. Under the securities lending program, the Fund holds collateral of at least 102% of the fair value of the loaned securities. The collateral holdings are adjusted daily to reflect changes in fair value for both the loaned securities and the securities held as collateral.

42 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Notes to the Financial Statements

The following is a summary of the Fund’s concentration risk The following is a summary of the Fund’s concentration risk by country: by industry grouping:

As at December 31, 2020 December 31, 2019 As at December 31, 2020 December 31, 2019

Country of Issue As % of Net Assets As % of Net Assets Industry Grouping As % of Net Assets As % of Net Assets

Canada 57.6 57.9 Equities

USA 20.4 20.8 Communication Services 4.4 4.1

Australia 1.4 1.3 Consumer Discretionary 5.8 4.7

Belgium 0.2 0.2 Consumer Staples 4.4 5.1

Bermuda 0.3 0.3 Energy 3.6 6.1

Cayman Islands 0.1 0.1 Financials 13.7 15.0

Denmark 0.5 0.4 Health Care 6.0 6.0

Finland 0.3 0.2 Industrials 7.3 7.3

France 2.2 2.1 Information Technology 10.4 8.1

Germany 1.9 1.7 Materials 4.4 3.8

Hong Kong 0.5 0.5 Real Estate 0.9 0.9

Ireland 0.7 0.7 Utilities 1.7 1.7

Israel 0.1 0.1 Fixed Income

Italy 0.4 0.4 Fixed Income Issued or Guaranteed by Canadian Federal Government 11.7 12.1 Japan 5.3 5.0 Fixed Income Issued or Guaranteed Jersey 0.1 0.1 by Canadian Provincial Government 14.1 13.3

Luxembourg 0.1 0.1 Fixed Income Issued or Guaranteed by Canadian Municipal Government 0.6 0.5 Netherlands 1.1 1.0 Other Fixed Income 10.7 11.1 New Zealand 0.1 0.1 Total Investments 99.7 99.8 Norway 0.1 0.1

Singapore 0.2 0.3

Spain 0.5 0.6 5. Fair Value Disclosure

Sweden 0.7 0.5 The following tables categorize financial instruments

Switzerland 2.1 2.0 recorded at fair value on the Statements of Financial Position into one of the three fair value hierarchy levels: United Kingdom 2.8 3.3

Total Investments 99.7 99.8 December 31, 2020 Level 1 ($) Level 2 ($) Level 3 ($) Total ($)

Equities 972,461,926 — 61,686 972,523,612

Fixed Income — 575,393,916 — 575,393,916

Total investments 972,461,926 575,393,916 61,686 1,547,917,528

December 31, 2019 Level 1 ($) Level 2 ($) Level 3 ($) Total ($)

Equities 914,172,645 — — 914,172,645

Fixed Income — 537,914,351 — 537,914,351

Short-term — 550,000 — 550,000 investments

Total investments 914,172,645 538,464,351 — 1,452,636,996

During the years ended December 31, 2020 and December 31, 2019, there were no transfers between Level 1, Level 2, and Level 3. 43 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Notes to the Financial Statements

Reconciliation of Level 3 financial instruments Temporary differences between the carrying value of Below is a summary of the movement in the Fund’s Level 3 assets and liabilities for accounting and income tax financial instruments. purposes give rise to deferred income tax assets and liabilities. The most significant temporary difference is As at December 31, 2020 December 31, 2019 between the reported fair value of the Fund’s investment Balance – beginning of the year — — portfolio and its adjusted cost base for income tax Purchases / Addition — — purposes. Since the Fund’s distribution policy is to distribute all net realized capital gains, deferred tax Net changes in unrealized gain (loss)* 61,686 — liabilities with respect to unrealized capital gains and Balance – end of the year 61,686 — deferred tax assets with respect to unrealized capital losses are not realized by the Fund and are, therefore, not * Net change in unrealized gain (loss) for Level 3 financial instruments held as at December 31, 2020 and December 31, 2019 was $61,686 and $nil, respectively. recorded by the Fund. As at December 31, 2020 and December 31, 2019, the Fund Level 3 valuation techniques did not have a net capital loss or a non-capital loss that Below is a summary of the valuation techniques and the could be used to offset future taxable income. significant unobservable inputs used in the fair value The Fund incurs withholding taxes imposed by certain measurement of Level 3 financial instruments. The countries on investment income. Such income is recorded significant unobservable inputs used in the valuation on a gross basis and the related withholding taxes are of Level 3 financial instruments can vary considerably shown as a separate expense in the Statements of over time depending on company specific factors and Comprehensive Income. For the purpose of the Statements economic or market conditions. Below also illustrates the of Cash Flows, cash inflows from dividend income are potential impact on the Fund if the significant unobservable presented net of withholding taxes, when applicable. inputs used in the valuation techniques had increased or decreased by 5%, with all other variables held constant. Certain significant unobservable inputs used in the 7. Redeemable Units valuation techniques are not reasonably expected to shift The Fund is authorized to issue an unlimited number of and are indicated in the below as “n/a”. Securities where transferable, redeemable trust units of one class, which the reasonable possible shift in the significant unobservable represent an equal, undivided interest in the Net Assets of inputs did not result in a material impact on the Fund are the Fund. indicated in the below as nil. As at December 31, 2019, the Fund did not hold any Level 3 financial instrument. The capital of the Fund is represented by the net assets attributable to holders of the redeemable units with no par Significant Carrying value value. The units are entitled to distributions, if any, and to a Valuation unobservable as at Change in Security technique input Dec. 31, 2020 valuation ($) proportionate share of the Fund’s net assets attributable to

Valued at holders of redeemable units. Each unitholder has one vote Prospectus Equities prospectus 61,686 n/a price for each unit owned as determined at the close of business price on the record date for voting at a meeting. There are no Total 61,686 voting rights attributed to fractions of a unit. The Fund has no restrictions or specific capital requirements on the subscriptions and redemptions of units. 6. Income Tax The number of units issued, reinvested, redeemed and The Fund qualifies as a mutual fund trust under the Income outstanding were as follows: Tax Act (Canada) (the “Tax Act”) and, accordingly, is not subject to income tax on the portion of its net income, Number of units December 31, 2020 December 31, 2019 including net realized capital gains, which is paid or Balance – payable to unitholders. Such distributed income is taxable beginning of the year 95,330,341 92,957,588 in the hands of the unitholders. The taxation year end for Issued 14,778,838 14,726,795 the Fund is December 15, 2020. Reinvested 1,439,616 1,578,739 Redeemed (16,701,489) (13,932,781) Balance – end of the year 94,847,306 95,330,341

44 Tangerine Balanced Portfolio Audited Annual Financial Statements for the year ended December 31, 2020 (In Canadian dollars, unless otherwise indicated)

Notes to the Financial Statements

The Fund’s objectives are to manage capital to safeguard 10. Related Party Transactions the Fund’s ability to continue as a going concern; to 10a. Management fees, administration fees provide financial capacity and flexibility to meet its and other expenses strategic objectives; and to provide an adequate return to unitholders commensurate with the level of risk while The Manager charges fees in connection with maximizing the distributions to unitholders. management services at a rate of 0.80% per year of the Fund’s daily NAV. The Fund also pays a fixed Since both the revenue and expenses of the Fund are administration fee to the Manager equal to 0.15% per reasonably predictable and stable and since the Fund does year of the Fund’s daily NAV to cover regulatory filing not have any externally imposed capital requirements, the fees and other day- to-day operating expenses including, Manager believes that current levels of distributions, capital but not limited to, recordkeeping, accounting and fund and capital structure are sufficient to sustain ongoing valuation costs, custodial fees, audit and legal fees, the operations. The Manager actively monitors the cash costs of preparing and distributing annual and semi- position and financial performance of the Fund to ensure annual reports, prospectuses, financial statements and resources are available to meet current distribution levels. investor communications. Finally, certain operating expenses are paid directly by the Fund, including the 8. Securities Lending costs and expenses related to the Independent Review Committee; the cost of any government or regulatory There were no securities loaned and collateral held as at requirements introduced after July 1, 2007; and December 31, 2020 (December 31, 2019: $nil). borrowing costs and taxes (including, but not limited to, GST and HST). The Manager, at its sole discretion, may 9. Soft Dollars Commissions absorb a portion of the Fund’s expenses and these are reflected in the Statements of Comprehensive Income as Brokerage business is allocated to brokers based on an “Rebated and absorbed expenses”. assessment as to which broker can deliver the best results to the Fund. Business may be allocated to brokers that 10b. Buying and selling securities provide, in addition to transaction execution, investment The Fund invests in securities issued by The Bank of Nova research services which may or may not be used by the Scotia. Refer to the Schedule of Investments for details. Manager during its investment decision-making process. No portion of the broker commissions were related to soft dollar costs during the year ended December 31, 2020 11. O ffsetting of Financial Assets and (December 31, 2019: $nil). Financial Liabilities The Fund has not offset financial assets and financial liabilities on its Statements of Financial Position nor does it transact in financial instruments that are subject to an enforceable master netting arrangement or similar agreement.

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